AFRODAD inks Deal with SADC PF to Promote Debt Management across Africa

The African Forum and Network on Debt and Development (AFRODAD) and The Southern African Development Community Parliamentary Forum (SADC PF), today entered a Memorandum of Understanding to partner in promoting sound financial and debt management policies across Africa.

The agreement formalises the collaboration of both organisations in influencing policy by providing technical support to African governments and parliaments to regain their political, economic, and social agency at a time when African countries are dealing with a multiplicity of crises. The SADC Model PFM Law lays the foundation towards attaining the ambitions of the Abuja Treaty in establishing an African Financial Architecture.

Boemo Sekgoma, the Secretary General of the SADC Parliamentary Forum had the following to say about the agreement: “Today, effective financial governance of countries constitutes the bedrock of sustainable development and provides the conducive environment for the enjoyment of socio-economic human rights by citizens. In this regard, the Forum welcomes its collaboration with AFRODAD under this forward-looking MOU to promote sound financial and debt management through parliamentary and other initiatives which will inter alia set the precepts for the development of a Model Law on Climate Action that is grounded in sustainable financial commitments by states to reduce carbon emissions.”

Read also: Kenyan Begin to Feel the Impact of Servicing External Debts

Echoing the same sentiments, AFRODAD’s Executive Director, Mr. Jason Rosario Braganza, emphasised, “This collaboration marks a significant step forward not only in enhancing our shared commitment to advancing responsible debt management and promoting robust financial systems but to deepen our partnership by bringing a technical and political economy perspective to the development of the Model Law on Climate Action. We look forward to merging our combined expertise which will empower parliaments and other key stakeholders to play a leading role in this critical endeavour.”

Read also:Treasury public debt bill grants Ruto unchecked borrowing authority

The MoU signing marks a significant milestone towards making ‘Africa a Rule-Maker’ as we strive for in sustainable development and climate justice in Africa. Through collaborative efforts, the SADC Parliamentary Forum and AFRODAD aim to empower governments, engage citizens, and ensure that sound financial governance becomes a cornerstone for African Governments.