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SADC finance ministers and central bank governors review progress on macroeconomic convergence
9:27 CAT | 16 Aug 2024
Image: SADC
The Southern African Development Community (SADC) virtually hosted the Committee of Ministers and Investment and Peer Review Panel on 6 and 7 August.
The meeting was attended by Ministers and Governors from Central Banks or their representatives from Angola, Botswana, Eswatini, Lesotho, Madagascar, Malawi, Mozambique, Namibia, South Africa, Zambia and Zimbabwe.
According to a statement issued after the meeting, the Panel noted that SADC member states have operated in an environment determined by a global economic slowdown, tight monetary and fiscal conditions, and elevated debt sustainability risk originating from the continued impact of the COVID-19 pandemic, and heightened regional and international geopolitical tensions.
They further noted that in southern Africa and neighbouring regions, climate and extreme weather events have weakened agricultural output, electricity generation, and tourism, while geopolitical instability impacted the region through soaring commodity prices, and supply chain disruptions.
Consequently, this has contributed to macroeconomic instability in the region, including widening fiscal and current account deficits, significant reduction in international reserves, exchange rate depreciation, soaring inflation, and external debt resulting in energy, food and commodity prices staying above pre-COVID-19 pandemic levels.
Despite these challenges, the Panel noted that member states have continued implementing policies and measures for recovering and building resilience against negative global externalities and climate change to stay on course to meet the Macroeconomic Convergence Targets.
In addition, member states have made progress on implementing the recommendations of the Panel’s previous meeting.
However, the Panel expressed concern at falling agricultural production which has led to food shortages, higher food inflation, and increasing food insecurity hence all member states are off target regarding most of the Macroeconomic Convergence targets.
Furthermore, the Panel considered and approved the Mission Review Reports recommended structural and policy reforms for Botswana, Namibia, and Tanzania, and welcomed the commitment by the respective authorities to implement the recommendations of the Peer Review Mission Reports.
The Panel also commended Angola, Zambia, and Zimbabwe for undertaking the Peer Review Mission Reports of Botswana, Namibia, and Tanzania, respectively.
Similarly, the Panel commended Angola, Eswatini, Lesotho, Madagascar, Malawi, Mauritius, Mozambique, South Africa, Zambia, and Zimbabwe for their continued implementation of the Macroeconomic Convergence Framework and recommendations of the previous Peer Reviews.
The Panel approved the revised schedule of the Peer Reviews of DRC by Eswatini, Zambia, Madagascar, Angola and Malawi during 2024/25.
Source: The Economist Namibia
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