2023-06-27 00:02:54
At the end of this summit and at the time of the balance sheet, positive progress was noted even if, as always, the results resulting from such international meetings arouse variable levels of appreciation and to varying degrees depending on the camp where the ‘We are. All the same, we will retain, for the Paris summit, some positive points:
• The mobilization of an envelope of 6350 billion for the benefit of the most vulnerable countries within the framework of the fight against climate change;
• The launch of a green fund for the protection of forests;
• A strong consensus for an in-depth reform of the global financial system in order to make it more efficient, fairer and more adapted to today’s world.
Beyond these satisfactory results, it must also be recognized that on the occasion of this summit, two African countries found themselves in the hot seat for having pulled out of the game well: they are Zambia and Senegal.
For Zambia, this country has had concrete results relating to the restructuring of its debt. As a reminder, the pandemic crisis linked to covid 19 had affected all the countries of the world with dramatic financial and economic consequences for all economies leading, on a social level, to difficulties in terms of inflation, high cost the cost of living, the scarcity of basic necessities.
Unlike rare economies, like that of Senegal, which have been able to put in place resilience mechanisms to escape the recession, Zambia had experienced a brazenness of its economy, the country had to face the devaluation of its currency (the kwacha) and galloping inflation, the currency had lost more than 45% of its value against the euro. To help it overcome the consequences of this situation, Zambia’s public and private creditors decided, at the end of the Paris summit, to restructure its public debt to the tune of 6.3 billion US dollars to support the economy. from Zambia which had defaulted.
Unlike Zambia, Senegal has been hoisted to the top of the States which have benefited from the concrete results of this Paris conference, the consequence not of aid for a way out of the crisis resulting from economic bankruptcy, but rather for the steps of giant he posed to promote a policy of ecological transition with the energy mix. Thus, President Macky SALL left with the conclusion of an agreement for a financing of 2.5 billion from the group of international partners composed mainly of France, Germany, the EU, the United States, Canada , from the United Kingdom.
As President Macky SALL said, our country will thus receive this amount “in order to bring the share of renewable energies in installed capacity to 40% of its electricity mix by 2030”.
Senegal is thus reaping the fruit of a vision and an ambition displayed by the President of the Republic, Mr. Macky SALL who, since his advent at the head of the country and faced with the electricity riots, caused by hundreds of he hours of load shedding faced by the populations, had taken up the challenge of working towards energy sovereignty. Thus was born, under his leadership, the era of the energy mix. visible in particular with the inauguration of the Taiba solar power plant. With these works, combined with the BRT project, Senegal has definitely entered the circle of countries that have embarked on the course of ecological transition.
It is therefore a winning bet for President Macky SALL who has just been recognized by the international donor community and by all the players (NGOs, associations) involved in climate defense and the promotion of renewable energies.
The second winning bet for President Macky SALL, during this summit, is undoubtedly the concretization of the main fight he had engaged in, when he carried the destinies of Africa with the presidency of the African Union, c ie the reallocation of SDRs.
Indeed, as a reminder, among the major issues that President Macky SALL defended, he figured prominently, the question of the reallocation to African countries of special drawing rights (TDS). These rights constitute the unit of account of the international financial institutions made available to each State, if necessary. They are proportional to the capital of each State, the rich countries are the biggest holders and had promised to redistribute part of it.
President Macky SALL has always deplored the lack of progress in this reallocation when, according to him, “the cumulative effects of covid 19 and the war in Ukraine make the liquidity needs of the most vulnerable economies even more pressing. Thus, his entire mandate at the head of the African Union was marked, on the occasion of the summits and trips he had made, by strong pleas on this issue, as well as on that of debt, food sovereignty and health care in Africa and the financing of infrastructure in Africa.
The Paris summit saw this plea materialize through the IMF’s decision (with almost immediate effect) to accede to the wishes of developing countries relating to the reallocation of these SDRs. Thus, of the 100 billion dollars of SDRs, 60 are already in the coffers. It is therefore a source of pride for all Africans to see a fight, carried out in a sustained and committed manner by President Macky SALL, lead to the beginning of solutions.
On SANE
Director General of ANRAC.
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