The Minister of Finance represented President Felix Antoine Tshisekedi Tshilombo, acting Chairman of the African Union, at the G20 meetings held in Washington D.C. on the sidelines of the Annual Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF). The Finance Minister, Nicolas Kazadi, took this opportunity to express the views of the African continent in general and the Democratic Republic of Congo in particular. During this meeting chaired by Mr. Daniele Franco, Italian Minister of Economy and Finance, the Finance Minister’s message focused on the efforts made by all countries in the fight against the COVID 19, as well as the gradual recovery of the world economy to ensure a prosperous and sustainable future that is inclusive for all.
Mr. Nicolas Kazadi stressed the fact that many countries remain exposed to the risks of the economic crisis, particularly regarding the growing uncertainty due to the new variants of COVID 19. The low access to vaccines, the risks relating to inflationary pressures, interest rate peaks and limited budgetary room for maneuver are also challenges that many are facing. The low access to vaccines, the risks relating to inflationary pressures, interest rate peaks and limited budgetary room for maneuver are also challenges that many are facing. For this reason, he called for multilateral support from all fronts, including G20 member countries, in terms of financial resources, public and private investments, and support for the implementation of bold policy reforms in order to put the global economy on the path to a resilient recovery.
The Finance Minister also mentioned that the response to economic recovery is undoubtedly the focus of actions regarding the less developed countries. However, the inequitable access to vaccines and financial resources, including the high levels of debt for some countries, are an obstacle to a real economic recovery for these countries due to their vulnerability. Mr. Nicolas Kazadi stressed the need for people to act without delay and stated that this meeting is a unique opportunity for the G20 members to develop appropriate political strategies, based on adequate messages of solidarity, to ensure that the leaders attending the Rome summit take the right decisions for a promising future.
In this regard, the Minister of Finance suggested that everyone should do their utmost to get the coronavirus situation under control. In order to achieve this successfully, the G20 must increase the supply of vaccines. He also recognized that financial stability remains the key issue in boosting a more sustainable economic recovery.
Furthermore, Nicolas Kazadi assured his counterparts that the African Union remains open to the implementation of the roadmap by improving border payments, combating terrorist financing in order to enhance transparency.
Finally, the Minister expressed the African Union’s appreciation to all G20 members for their support and commitment on the two pillars of multilateral corporate profit reallocation and an effective global minimum tax.