Global recovery depends on stronger and responsive international co-operation: In my view
The COVID-19 pandemic, in addition to being a health crisis, is posing significant socio-economic challenges for all countries given the global economic recession forecast in 2020. It has wiped out achievements made in the fight against poverty, with around 100 million people entering into extreme poverty, and increased the number of unemployed by more than 400 million, according to the International Monetary Fund.
international solidarity is vital for guaranteeing that in addition to national responses, solutions are provided at the global level to the health, economic and security shocks being endured by some countries.
To address these challenges, international solidarity is vital for guaranteeing that in addition to national responses, solutions are provided at the global level to the health, economic and security shocks being endured by some countries.
To this end, we welcome all the international initiatives put in place since the start of the pandemic to support developing countries. This solidarity has led, in particular, to multifaceted contributions from all the technical and financial partners, which has helped to ensure the financing of the health and economic response plans put in place by countries to deal with COVID-19. In this context, Côte d’Ivoire benefited from significant funding to implement its health response plan costing XOF 95.88 billion (West African CFA francs) (EUR 146 million) and its economic support plan evaluated at XOF 1.7 trillion (EUR 2.6 billion), or 5% of gross domestic product. The execution of these two plans has helped reduce the health impact of the crisis and curb its socio-economic effects.
We also welcome the G20 nations’ Debt Service Suspension Initiative (DSSI), which gives developing countries some financial leeway for funding their emergencies in the wake of the crisis.
Given the continuation of the COVID-19 crisis, these solidarity initiatives will have to be strengthened so as to help pave the way for global economic recovery.
Indeed, Africa’s urgent financing requirements resulting from the health crisis are estimated at around USD 100 billion annually for the next three years. In addition to this, approximately USD 600 billion are needed annually until 2030 to finance the Sustainable Development Goals.
In concrete terms, solidarity actions in favour of developing countries should involve the following:
Extending the DSSI beyond 2020 to cover all of 2021. All countries should take part to ensure that the initiative has a meaningful impact. Restructuring and even cancelling debt could be considered for the most fragile countries that have been seriously affected by the crisis.
Make available concessionary resources combined with granting special drawing rights. This will provide a kind of alternative financing window to conditions on the international markets.
Pool anti-money laundering efforts. The COVID-19 crisis has led to large amounts of capital being moved around the world, resulting in a greater risk of money laundering. It is therefore important to boost co-operation between countries by sharing best practices for efficiently combating all attempts at money laundering.
Provide fair access to COVID-19 vaccines as soon as they are available by setting affordable prices for developing countries.
To sum up, we expect greater international solidarity and more flexible and responsive international co-operation to support efforts to combat COVID-19 and at the same time guarantee the proper implementation of reforms and programmes designed to help achieve the Sustainable Development Goals.