The African Development Bank Group's Annual Meetings started on Wednesday 23 June 2021 and will run until the end of the week. Initial discussions focus on managing African debt, bold domestic reforms, and effective international support to revive African economies.

The resolution of African debt was at the heart of discussions on the first day of the annual meetings of the African Development Bank (AfDB) on 23 June. Participants also stressed the need for internal reforms and effective international support to revive African economies and avoid the continent's over-indebtedness. “Clearly, without debt restructuring, many more African countries will face a situation of over-indebtedness,” warns President Akinwumi Adesina.

Among the actions to boost African economies, Akinwumi Adesina, President of the African Development Bank, calls for the proper functioning of the African Continental Free Trade Area (ZLECAF). For him, it is more essential than ever to make the African Continental Free Trade Area work. To this end, he reassures that the African Development Bank will continue to invest in regional infrastructure and promote regional integration, including the integration of financial and capital markets. As the 2021 edition of the Africa Investment Forum approaches, the African Development Bank and its partners have already prepared a reserve of 230 projects valued at $208 billion, to promote the prospects for operationalizing the African Continental Free Trade Area.”

The issue of vaccines figures prominently in ADB meetings. Because, even though Africa is one of the continents least affected by the pandemic, it is being hit hard economically. This is why Africa should not beg for vaccines but produce them. “The African Development Bank will help Africa produce vaccines, as part of the African Union's vaccines plan. The Bank also plans to devote $3 billion to the development of the pharmaceutical industry in Africa,” announced the head of the African Development Bank. Other challenges should be addressed to better ensure the recovery of economies. Among others, the fight against corruption; expenditure efficiency; budgetary discipline; the establishment of strong institutions for public expenditure; the fight against illicit financial flows; better financial management; the strengthening of links between debt, growth, and governance; the digitization of the collection and expenditure circuit, to name a few.