According to the also President of the Union of the Comoros, World Bank data indicate that these countries dedicate an average of one billion dollars to debt service.
Assoumani Azali wants the adoption of more inclusive mechanisms that integrate public and private multilateral creditors.
The President elected and sworn in, just yesterday, with the reception of the testimony of Macky Sall, outgoing President and of the Republic of Senegal, for these challenges counts on the promises and commitment, until now, demonstrated by the director general of the International Monetary Fund.
Kristalina Georgieva, he praised, has done a great job, above all, with the restructuring of the countries’ debts and in the coordination between the bilateral creditors, through the initiative of the suspension of the debt service.
“We call for the total cancellation of African debt to allow for a post-pandemic economic recovery, also allowing it to face the negative impact caused by the war in Ukraine”, he said.
According to Assoumani Azali, the multifaceted crises have also generated food insecurity on the continent and are, therefore, a source of strong concern due to their gravity, as they threaten to bring even more setbacks to the continent and a scenario of famine.
To the European partners, present at the Summit of Heads of State and Government of the African Union, the President of the African Union invited a mass mobilization in terms of financing agreements of more than 150 billion euros to support the continent approved at the European Union Summit – African Union.
He also said that within the scope of his responsibilities, on very important issues facing the continent, he would focus his attention on the essential mission of carrying forward the year’s theme “Accelerating the Implementation of the African Continental Free Trade Area”.
“We put, collectively, a lot of hope in this AfCFTA, which our organization launched in 2001 and which can bring adequate solutions to our problems”, he assumed.
On the other hand, according to Assoumani Azali, it is therefore up to each of the signatory States, in turn, to create the necessary normative conditions, so that this exceptional tool really serves as a lever, for intra-African trade and for its development, because it remains very insufficient, up to 17 percent of continental trade, as well as Africa’s share of world trade, which stagnates at 4.0 percent.
Solidarity with Turkey and Syria
The President of the African Union, Assoumani Azali, dedicated yesterday, together with the entire General Assembly of Heads of State and Government, a minute of silence in honor of the victims of the earthquake that shook parts of Turkey and Syria, causing thousands of deaths and patrimony.
Assoumani Azali, who is the President of the Union of the Comoros, in his inaugural speech, expressed all African solidarity with the brotherly peoples of Turkey and Syria.
During the observance of the minute of silence, the emotion of the leaders of Africa was notorious and everyone, without exception, standing, took the opportunity to honor and dedicate prayers for the victims, who according to reports exceed more than 40 thousand and there is even the possibility of quickly reaching the 100,000, including African residents, mainly in Turkey.