Economic Commission for Africa (ECA) Executive Secretary, Vera Songwe, on Thursday addressed a two-day round table meeting on financing Chad's National Development Plan 2017-2021 and pledged ECA support to the north-central African country as it seeks to transform its economy and lure international investors.
Ms. Songwe, who conferred with President Idris Derby at the round table on the nation's development plan, said the dawn was nigh for Chad, adding all that was needed is for its leaders to maintain macroeconomic discipline, good governance and economic integration.
“There's an old saying that says it's darkest before the dawn. This phrase summarizes the situation in Chad today. As we have heard from many of the speakers, the macroeconomic situation in Chad is very difficult,” said Ms. Songwe.
She said a number of important governance problems persisted in Chad and externally the drop in oil prices and climate change has negatively impacted the country.
Extreme weather patterns have not spared Chad, said Ms. Songwe as she also remembered countries like Sierra Leone that are being affected by floods.
She praised Chad for her role in working for peace and security in the region, in particular being at the forefront of fighting terrorism and rebuffing Boko Haram by remaining resilient in the face of attacks.
“For that we thank Chad and we recognize it's importance on the continent,” said Ms. Songwe, adding peace and security is an important and crucial step for development and high on the agenda of Secretary General Antonio Guterres.
Growth has dropped by an average of 7.4 percent between 2003 and 2014 to about three percent in 2015 due to a number of difficulties that Ms. Songwe said are not insurmountable if Chad stayed the course.
“Vision 2030, the Chad we want seeks to bring hope and optimism to this challenging picture” she said. “For the plan to deliver the hope that we are looking for we need an accelerated implementation for the first phase of the plan.”
The plan has a number of critical actions for a peaceful, unified Chad that is resilient and resolutely marching towards and the economic transformation and industrialization.
Me. Songwe said the ECA together with the African Development Bank and the African Union will help Chad to accomplish her goals.
“Over the three days we believe together we can begin to bring my the light back – again it is darkest before the dawn; before the dawn,” she told the round table.
Domestic resource mobilization, increasing tax revenues, transparency, stemming illicit financial flows, economic integration, diversification and value addition will help Chad fund her development plan, said Ms. Songwe.
She urged Chad to create an environment conducive and favorable for investors, adding agriculture is also key in particular if women are given access to land and finances.
“If you educate a woman and provide her with finance she can employ more people,” said the ECA chief said.
Ms. Songwe also spoke about the Continental Free Trade Area (CFTA) and the benefits it will bring to Chad and other African countries. She congratulated Chad for their national development plan which she described as clear, ambitious with on target goals. She also spoke about the importance of statistics in Africa's quest for economic transformation, adding the ECA will support and build Chad's statistical capacity for development.
She ended by telling Chad that all her friends and partners like the ECA will always be there to ensure the country achieves her goals. It will be done, she said.
Ms. Songwe also met and conferred with World Bank Vice President for Africa Dior and Sidi Ould Ta of The Badea Bank.
Distributed by APO on behalf of United Nations Economic Commission for Africa (UNECA).
Source: Apo-Opa
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