In Addis Ababa, experts review the state of economic and social development in Africa
The Committee, which holds from 12-14 March, will also consider statutory issues relating to the work of the Economic Commission for Africa (ECA) and make recommendations, as appropriate, for consideration by the African ministers of finance, planning and economic development during the ministerial segment on 17-18 March.
Opening the expert's segment, Ethiopia's State Minister of Finance, Semereta Sewasew said the theme of this year's conference of ministers underscores the urgency of unlocking the continent's economic potential through enhanced intra-African trade. She stressed that the AfCFTA is more than just a legal framework; it is a transformative initiative designed to deepen Africa's economic ties. By facilitating trade, harmonizing policies, and dismantling barriers, the agreement aims to foster industrialization, job creation, and poverty alleviation, which are vital to achieving the goals laid out in Agenda 2063, Africa's blueprint for sustainable development.
Minister Sewasew noted that despite the ambitious objective of the AfCFTA, infrastructure gaps, financing constraints, and varying capacities among member states pose significant hurdles to its implementation. She called upon the delegates to propose actionable recommendations to ensure the AfCFTA translates into tangible progress, especially for women, youth, and small and medium enterprises, which are critical to Africa's economic backbone.
She also highlighted Ethiopia's commitment to regional integration through substantial investments in infrastructure, such as the Addis Ababa-Djibouti railway, which strengthens trade links across the Horn of Africa. Additionally, Ethiopia's energy resources, particularly from the Grand Ethiopian Renaissance Dam, position the country as a leader in regional energy cooperation.
For his part, Antonio Pedro, Deputy Executive Secretary of the ECA, highlighted the AfCFTA's role as a development blueprint and a political platform for Africa to assert its collective interests on the global stage. He called for a re-evaluation of Africa's import dependencies, urging member states to leverage local production capabilities for commodities like fertilizers and refined petroleum.
Mr. Pedro noted that intra-African trade remains low, accounting for only 14.4% of total trade on the continent and said that the AfCFTA presents a unique opportunity to enhance trade within Africa, projecting that intra-African trade could increase by 45% by 2045 if tariffs and non-tariff barriers are reduced.
He stressed the essential role of infrastructure development in realizing the AfCFTA's potential saying that an estimated $ USD 411 billion is needed for transport infrastructure to support increased trade, including investments in railways, vessels, and trucks.
The outgoing Chair of the Conference of African Ministers from Zimbabwe noted progress made by the ECA over the last year in supporting member states in areas such as macroeconomic stability, development planning, and industrialization. He reaffirmed the commitment to building on these achievements and advocating for a fair global financial system as Africa seeks to transform its economies through the AfCFTA.
The Conference serves as one of the premier forums for dialogue and the exchange of views among African ministers responsible for finance, planning and economic development and governors of central banks on issues pertinent to the continent's development agenda.
Side Events:
On the weekend, ahead of the Ministerial Segment, the Conference will host the following side events:
The Single African Air Transport Market, the free movement of people and the African Continental Free Trade Area
Innovative financing instruments for sustainable climate finance and debt management in middle-income countries
Empowering businesses in Africa to trade successfully under the Agreement Establishing the African Continental Free Trade Area to foster inclusive growth and decent work
Food security and cross-border trade: navigating challenges and opportunities amid the implementation of the Agreement Establishing the African Continental Free Trade Area
Making the African Continental Free Trade Area work for African young people: opportunities, challenges and the way forward
Role of subregional multilateral development banks in delivering on African development objectives
Distributed by African Media Agency. on behalf of Communications Section Economic Commission for Africa
More on the Conference of Ministers: https://www.uneca.org/eca-events/cfm2025/overview
Follow the Experts session live at: https://webtv.un.org/en/asset/k1m/k1mi4xr9yf
For media enquiries please contact
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
a day ago
- Zawya
Submissions open for 10th African Power & Energy Elites
Are you or do you know Africa's most impactful energy and water sector leaders, pioneers, and innovators? Well then, you can submit a nomination for the 10th African Power and Energy Elites: People and Projects. Known as The Elites, this annual initiative honours the changemakers transforming lives and systems across the continent – from expanding energy access to reshaping infrastructure through innovation, smart investment, and policy reform. The Elites 'The Elites is not an awards-based programme. It's a respected platform for visibility, credibility, and connection. We're calling on all stakeholders to help recognise excellence where it's happening,' says Nicolette Pombo-van Zyl, editor-in-chief of ESI Africa. Millions in Africa still lack reliable electricity and clean water. The Elites platform wants to bring attention to the innovators tackling these systemic challenges — from off-grid solar solutions and AI-driven utilities to clean mobility hubs and community-led water projects. The categories for the 10th edition are: - Leadership and Rising Stars. - Grid-tied and Off-grid Projects. - Smart and Digital Solutions. - Clean Mobility and Energy at Mines. - Water and Sanitation Innovations. - Finance and Investment Models. Open to individuals and organisations across the value chain — executives, technicians, developers, entrepreneurs, utilities, and beyond. Even self-nominations are encouraged! All submissions will be reviewed by a trusted Elites Advisory Board, evaluating innovation, relevance, and impact. Those featured will receive: - Editorial feature in a respected industry magazine (print and digital). - Exposure through ESI Africa, Vuka Group events, and digital campaigns. - Professional video interviews with project leads and leaders. - Social media promotion reaching thousands across Africa and globally. You can submit your nominations of individuals and projects building Africa's sustainable energy and water future until 28 September 2025. Submit your nomination here.
Middle East Eye
2 days ago
- Middle East Eye
Libya's GNU strikes smuggling networks with Turkish drones in message to rivals
Libya's internationally recognised government has begun using Turkish drones to strike people-smuggling networks. Strikes were carried out on Wednesday in the northwestern coastal cities of Sabratha and Zwara, the Government of National Unity (GNU) announced. The strikes were 'part of a systematic security campaign and comprehensive strategic plan aimed at intensifying operations to degrade and dismantle the criminal gangs and networks trafficking in human lives and people-smuggling into Europe,' Abdulsalam Al-Zoubi, the GNU's deputy defence minister, said on Thursday. 'These operations, which included the inaugural use of UAVs [unmanned aerial vehicles], demonstrate the determination and zero-tolerance approach of the GNU in tackling these criminal networks and disrupting their illegal activity.' A source within the GNU told Middle East Eye that the drones were 'Turkish UAVs owned and operated by the Libyan Ministry of Defence'. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters While authorities have previously carried out air strikes against such groups, this was their first use of drones. The defence ministry said it targeted factories used to manufacture boats and other equipment essential to people and weapon-smuggling schemes. 'No civilian casualties' For several years, criminal organisations have operated along Libya's coast, particularly in the northwest, facilitating irregular migration for people trying to reach Europe from the African continent. The ministry said it issued warnings to residents in Sabratha and Zwara ahead of the strikes, and that no civilian casualties were reported. Emadeddin Badi, an expert on Libyan security and politics, said Zoubi's involvement in these strikes was significant. 'He recently visited Turkey and is the person that has coordinated these strikes with Turkish support,' Badi told MEE. Trump envoy Massad Boulos to visit Libya amid rising tensions, sources say Read More » 'His involvement, especially from Mitiga, is a signal that he's asserting operational autonomy, even within the GNU's own command structure.' Mitiga is an airport in Tripoli that was the source of tension recently between the GNU and Rada, a powerful armed group. 'Their coordination from this base is a big signal that is key to unpacking [the strikes'] significance,' said Badi. The analyst added that while some reports, citing GNU officials, had framed the strikes as being carried out by Turkish Akinci drones, he had received information to suggest that Bayraktar TB2 drones had been used. 'Akincis are based between Wutiya and Misrata, whereas the recent strikes originated from Mitiga, which only hosts TB2s,' he said. Zoubi stated that the strikes sent a clear message to non-state actors in Libya that all measures, including military actions within international law, would be taken to 're-establish border control, strengthen national security, and reaffirm the sovereignty of the state'. Over the past decade, trafficking and smuggling along the coast has been a key tool used by militias and non-state actors in Libya to wield political and financial influence. Eastern Libya is controlled by a rival administration dominated by Khalifa Haftar, a military commander. Two years ago, people smugglers in the east linked to Haftar were accused of involvement in a deadly shipwreck off the coast of Greece that killed more than 500 people. Badi said that as well as targeting smugglers, Wednesday's operation also targeted those loyal to Mohamed Bahroun, known as al-Far (the rat), a prominent militia leader and known GNU opponent. 'It also serves as a deterrent message to rivals in the west coast,' he said. 'That kind of signalling aligns closely with Ankara's broader goal in Libya: avoiding another armed confrontation in Tripoli.'
Arabian Post
2 days ago
- Arabian Post
Zambia Seeks 12-Month Extension for IMF Loan Deal
Zambia's government is pushing for a 12-month extension to its current loan arrangement with the International Monetary Fund, according to an official cabinet statement released on Wednesday. The proposal, if approved, would see the existing agreement, set to expire at the end of October, continue until October 2024. This decision follows a series of critical economic challenges faced by the southern African nation, which is heavily reliant on copper exports and has struggled with high public debt. The government's request is indicative of Zambia's efforts to secure sustained financial support while navigating the complexities of its recovery from an economic downturn. Zambia entered into a $1.3 billion loan programme with the IMF in 2022, aimed at stabilising the nation's economy and restructuring its debt. The programme, supported by Zambia's commitment to fiscal reforms, has been a key part of the country's strategy to restore investor confidence and economic growth after years of rising debt levels and financial instability. ADVERTISEMENT The IMF's loan has allowed Zambia to access essential financial assistance, which is crucial for keeping the country's public sector functioning. However, with the expiry date fast approaching, the government has expressed concerns over its ability to maintain fiscal discipline without the extended backing of the IMF. In the statement, officials acknowledged the difficulties of meeting all of the programme's requirements, particularly in the wake of global economic uncertainties and domestic fiscal challenges. 'The extension would help us maintain macroeconomic stability and continue our debt restructuring efforts,' said a senior government official familiar with the matter. The IMF's financial support has been instrumental in stabilising Zambia's economy during a period of serious external shocks, including the COVID-19 pandemic, global supply chain disruptions, and fluctuating copper prices. Copper, a vital commodity for the country, accounts for a significant portion of its export revenue, and its price volatility has had a substantial impact on Zambia's economic performance. The request for an extension also comes amid concerns about Zambia's debt sustainability. The country's public debt, which has been a long-standing issue, reached unsustainable levels over the past decade, leading to Zambia becoming the first African nation to default on its debt in 2020. Since then, the government has been working to renegotiate its loans with international creditors, and an extension of the IMF programme would give Zambia more time to make progress in these talks. Zambia's appeal for more time is not only about meeting the IMF programme's fiscal targets but also about gaining room to implement deeper economic reforms. The government has set out plans to streamline public sector expenditures, curb inflation, and improve the management of foreign currency reserves. However, achieving these goals remains a complex challenge, given the constraints of its economic environment. ADVERTISEMENT The extension would also enable the IMF to continue offering its expertise and monitoring Zambia's financial situation, ensuring that the country adheres to the necessary reform measures. The IMF has praised Zambia's efforts to restore fiscal discipline but has emphasised that continued progress is required to ensure long-term sustainability. It remains to be seen whether the IMF will grant the extension, but Zambia's request reflects the deep-seated need for international assistance as the country works to recover from its financial crises. Economists have warned that without additional support, Zambia could face serious setbacks in its recovery efforts. The IMF is expected to make a decision on the extension in the coming weeks, following consultations with the Zambian government. If approved, the additional 12 months would provide Zambia with the breathing space it needs to solidify its fiscal foundations and continue with much-needed reforms. This loan extension request also has implications for the broader global financial landscape. Given Zambia's role as one of the largest copper producers in Africa, the country's economic stability is of significance not only to its own population but also to the global supply chains that depend on its copper exports. The outcome of the IMF's decision could have a ripple effect on other countries in sub-Saharan Africa that are facing similar debt challenges. As global inflationary pressures and rising interest rates continue to impact developing economies, Zambia's negotiations with the IMF could set a precedent for other nations grappling with fiscal instability.
