Staff Reporter
The Southern African Development Community (SADC) has called for urgent and coordinated action to strengthen regional economic resilience as well as reduce dependence on external financial flows, amid growing global economic volatility.
The call was made by the SADC Executive Secretary, Elias Magosi, during the official opening of the SADC Committee of Ministers of Finance and Investment and the SADC Peer Review Panel meetings, in Harare, yesterday.
Addressing regional finance ministers, central bank governors, and development partners, Magosi warned that worsening trade tensions, structural imbalances, and declining global financial flows, were undermining multilateral systems and posing serious risks to developing economies.
“The call for trade re-globalisation has never been more urgent. As a region, we must diversify trade partners and supply chains, build resilience, and enhance competitiveness to assert a stronger presence in the evolving global economy.
“SADC region must urgently address macroeconomic imbalances through coordinated policy responses that recognise the link between trade and financial flows,” Magosiadded.
According to Magosi, as of December 2024, SADC had made significant progress’ in mobilising resources for the Fund’s initial phase, while the African Development Bank (AfDB), under outgoing President Dr. Akinwumi Adesina, reaffirmed the banks’ support, and also pledged to include the Fund in the bank’s transition handover.
“A Project Proposal Note has already been submitted to access 5 million Units of Account under the Bank’s Transition Support Facility. A further US$10 million request is scheduled for July 2025 under the ADF-17 funding cycle,” he said.
He further urged SADC member states to formally express interest in equity participation in the Fund to enable the AfDB to prepare a formal funding proposal.
“It is my humble plea to Member States to provide these expressions,” he said.
Magosi concluded by thanking Zimbabwe’s Finance Minister, Professor Mthuli Ncube, for chairing the meetings and reaffirmed the Secretariat’s commitment to advancing SADC’s regional integration and development agenda.
