The call by African leaders during the Covid-19 era to provide an internal source of financing has been reached with a deal being facilitated by the African Development Bank, known as the African Financial Stability Mechanism
African leaders in the midst of economic decline in their countries, have decided to provide loans through the Continental Financial Stability Fund, to countries in need of financial assistance at cheaper and better negotiations.
The Mechanism has its roots in African Union’s role of enhancing economic viability within the bloc’s countries. This began in 2008 when the AU endorsed the African Monetary Fund. Since 2020, the mechanism has begun providing assistance for member countries.
The SECRETARIAT of AFRICAN VOICES INTERNATIONAL hails the development of this initiative as a laudable one towards revamping broken and dilapidated economies.
AFRICAN VOICES INTERNATIONAL, FREEDOM IN AFRICA
