BREAKING: Covid-19: Dr. Ngozi Okonjo-Iweala, Others, Appointed To Take Charge Of Africa’s Economy, To Save The Continent From Economic Meltdown

The Chairperson of the African Union, AU, and President of South Africa, Cyril Ramaphosa, has appointed Dr. Ngozi Okonjo-Iweala, Donald Kaberuka, Tidjane Thiam, and Trevor Manuel, as Special Envoys of the African Union, to mobilise international support for Africa’s efforts to address the economic challenges African countries will face, as a result of the Covid-19 pandemic.

The Special Envoys will be tasked with soliciting rapid and concrete support as pledged by the G-20, the European Union, and other international financial institutions.

President Ramaphosa said: “In the light of the devastating socio-economic and political impact of the pandemic on African countries, these institutions need to support African economies that are facing serious economic challenges, with a comprehensive stimulus package for Africa, including deferred debt and interest payments.

“The impact of the coronavirus pandemic has been global in both scale and reach, and this necessitates coordinated international action to capacitate all countries to respond effectively, but most particularly, developing countries that continue to shoulder a historical burden of poverty, inequality, and underdevelopment.” 

President Ramaphosa added: “The sentiment expressed in two recent letters written to the G-20, by a group of World Leaders, and a team of esteemed Economists, underscore the importance of bolstering health systems in poorer countries; this can only be done with the support of the international community.”

Dr. Okonjo-Iweala is an internationally respected Economist and Development Expert, and she served two terms as Minister of Finance of the Federal Republic of Nigeria. She has also served as Managing Director of the World Bank.

Dr. Kaberuka is an Economist and former President and Chairman of the Board of Directors of the African Development Bank, AfDB. He is the former Finance Minister of Rwanda, and in 2016, he was appointed as a Special Envoy of the African Union on Sustainable Financing for the AU, and funding for Peace in Africa.

Mr. Manuel was the longest-serving Minister of Finance in the Republic of South Africa, and formerly headed the country’s National Planning Commission. In 2018, he was appointed as an Investment Envoy by South African President, Cyril Ramaphosa, to engage domestic and international Investors, as part of the country’s national investment drive.

Mr. Thiam is a Banker and Businessman. He is the former Chief Executive Officer, CEO, of Credit Suisse, and also served as Chief Financial Officer and CEO of Prudential. He has a background in Management Consulting, and worked for McKinsey and Company.

The African Union Chairman, said that the appointment of the special envoys would expedite the process of securing economic support, to enable countries on the continent to respond swiftly to this grave public health emergency. President Ramaphosa added that the envoys bring with them a wealth of experience, and enjoy longstanding relationships in the international financial community.

“The African Union is immensely encouraged by the support that has been extended by the international community thus far. It is an affirmation that as nations of the world, we are all in this together. We must now focus on efforts to marshal every resource at our disposal, to ensure that this pandemic is contained, and does not result in the collapse of already ailing economies and financial systems on the continent”, President Ramaphosa said.

Dr. Okonjo-Iweala is bagging the new African Union appointment, a few days after the Managing Director of the International Monetary Fund, IMF, Kristalina Georgieva, named her as a member of the organisation’s External Advisory Group.

The group has been charged “to provide perspectives from around the globe, on key developments and policy issues, including policy responses to the exceptional challenges the world now faces, due to the novel coronavirus and its economic impact”.

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