RECHANNELING Special Drawing Rights Through Multilateral Development Banks

AfriCatalyst, in partnership with The Centre for Global Development (CGD) to host a hybrid conference on the use of Special Drawing Rights (SDRs) to accelerate economic transformation in Africa.

AfriCatalyst, a leading pan-African development consultancy firm based in Dakar, Senegal, in partnership with The Center for Global Development (CGD), a nonprofit think tank based in Washington, DC, is organizing a hybrid event to discuss and share expertise on the role of SDRs in spurring Africa’s economic recovery.

BACKGROUND

In August 2021, the IMF board approved the largest general allocation of IMF’s SDRs in the IMF history, amounting to $650 billion, of which African countries received a total of $33 billion in line with their quota shares.

The G20 members agreed on the importance of reallocating $100 billion worth of SDRs to low-income countries (LICs), small island developing states and the most vulnerable middle-income countries. Against this backdrop, different mechanisms have been proposed with an aim of rechanneling SDRs to finance Africa’s recovery.

The “Rechanneling SDRs to accelerate Africa’s Development” event seeks to further discussion at a critical juncture in Africa’s economic recovery following multiple shocks including COVID-19 and climate and food crises. This event will catalyze the conversation on innovative financing options for African countries, notably through re-channeling SDRs to vulnerable African economies to finance economic recovery.

WHO:

The panel of experts for this event include:

• H.E. Oulimata Sarr – Minister of Economy of Senegal (TBC)
• Hassatou Diop N’Sele – Vice-President for Finance and Chief Financial Officer, African Development Bank
• Phil Stevens – Head of International Finance Institutions, Foreign Commonwealth and Development Office
• Vera Songwe – Chairwoman, Board of Directors of Liquidity and Sustainability Facility (TBC)
• Avinash Persaud – Special Envoy to the Prime Minister of Barbados
• David McNair – Executive Director for Global Policy, The ONE Campaign
• Daouda Sembene – CEO, AfriCatalyst
• Mark Plant – Senior Fellow, Center for Global Development

Moderator

Maggie Mutesi – ex BBC and Managing Editor, Mansa Media

WHEN: January 25, 4.00 pm GMT

WHERE: Radisson Diamniado, Senegal and ONLINE

Please register to participate – https://link.cgdev.org/l/683263/2023-01-17/2h6yrg

For media accreditation, please contact – Bineta Pouye

Email: bpouye@africatalyst.com

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