African leaders unite to support IDA20 replenishment

African leaders are gearing up to support the 20th replenishment of the International Development Association (IDA) in response to the unprecedented challenges posed by the COVID-19 pandemic. The World Bank Group, in collaboration with the Presidency of Cote d’Ivoire, is set to host a high-level meeting where 21 African presidents will converge to discuss the urgent need for increased support for African economies. Abdourahmane Cisse, Secretary General of the Presidency of Cote d’Ivoire, shared insights on the impact of the pandemic on African economies and the critical role of the upcoming meeting in a recent interview with CNBC Africa. Cisse highlighted the devastating effects of the COVID-19 crisis on sub-Saharan Africa, noting a significant underperformance that led to a spike in extreme poverty. The region also witnessed disruptions in education, resulting in substantial learning losses for students. The economic fallout coupled with security challenges exacerbated the already fragile situation, making it imperative for African countries to rally for enhanced international assistance. The focus of the high-level meeting will center on advocating for a substantial replenishment of the IDA to meet the financing needs of African nations. Cisse emphasized the need for a united front from African leaders to secure at least $100 billion in replenishment over the next three years, amid estimates indicating a requirement of $285 billion for the region to combat the pandemic effectively. Three key priorities were outlined for financing, including investments in human capital such as education and health, fostering youth employment and supporting the private sector, and driving economic recovery. Cisse stressed the urgency of moving from promises to action, underscoring the significance of timely financial support to prevent further setbacks in the progress made over the years. Reflecting on the need for a green recovery, Cisse highlighted the importance of sustainable initiatives in renewable energy and agriculture to steer Africa towards a greener path. He emphasized the commitment of African countries, including Cote d’Ivoire, in promoting environmental-friendly practices in energy production and agriculture to ensure a sustainable future. The upcoming meeting on July 15, convened under the leadership of President Watarah, is poised to address these critical issues and pave the way for a stronger Africa post-pandemic. The meeting aims to mobilize support not only from African leaders but also from the global community to bolster Africa's recovery efforts. With a united front and a clear agenda, African nations are poised to navigate the challenges posed by the pandemic and emerge resilient and prosperous in the coming years.