Ahmad 
The President of the African Development Bank, Akinwumi Adesina, stressed that financial sustainability should not be abstract, but should be directly reflected in people’s lives.
Adesina explained in a press statement that countries must ensure the financial sustainability of their citizens to achieve comprehensive financial sustainability.
Adesina noted that the Covid-19 pandemic has led to significant financial challenges in African economies, including economic shutdowns and trade restrictions, which have widened the fiscal deficit due to expanded public spending.
While advanced economies have spent $19 trillion on fiscal stimulus to support their citizens, African countries have spent only $83 billion, which has slowed the continent’s economic recovery and increased economic inequality, according to Adesina.
Adesina added that the level of public debt in many African countries is very high, noting that Africa will pay $74 billion this year to service external debt, compared to $17 billion in 2010.
He explained that some African countries spend more on debt service than they do on food security, health and education, noting that climate change has exacerbated the situation due to natural disasters such as drought and floods.
In conclusion, Adesina called for increased financial support for Africa, stressing the importance of concessional financing from multilateral development banks such as the African Development Bank to help African countries overcome economic challenges and achieve real financial sustainability.
United Nations: The world population reaches 8.1 billion people in July 2024