{"id":3340,"date":"2021-10-27T16:00:27","date_gmt":"2021-10-27T16:00:27","guid":{"rendered":"https:\/\/www.africa-press.net\/rwanda\/all-news\/to-recover-from-covid-19-east-africa-needs-to-work-smarter-says-minister-ndagijimana"},"modified":"2021-10-27T16:05:19","modified_gmt":"2021-10-27T16:05:19","slug":"to-recover-from-covid-19-east-africa-needs-to-work-smarter-says-minister-ndagijimana","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/rwanda\/all-news\/to-recover-from-covid-19-east-africa-needs-to-work-smarter-says-minister-ndagijimana","title":{"rendered":"To recover from Covid-19, East Africa needs to work smarter, says Minister Ndagijimana"},"content":{"rendered":"

Africa-Press – Rwanda. <\/strong><\/span>The Eastern Africa sub-region needs to work harder and smarter to recover faster and build back better from the devastating impact of the Covid-19 pandemic.<\/p>\n

This is according to Uzziel Ndagijimana, Rwanda\u2019s Minister of Finance and Economic Planning, who was addressing delegates at the 25th Meeting of the Intergovernmental Committee of Senior Officials and Experts (ICSOE) on Wednesday<\/p>\n

\u201cDespite the devastating impact of Covid-19 on the health of our population and economies, we still have great potential for growth in Africa in general and in our region in particular,\u201d he said.<\/p>\n

The meeting currently underway in Kigali is discussing the road to social and economic recovery.<\/p>\n

\u201cIt is our role during this meeting to exchange views on how this can be achieved even in a very difficult context,\u201d Ndagijimana said.<\/p>\n

In Addition to the economy, experts will also discuss peace and security as the key enabler for growth and development.<\/p>\n

Before the pandemic, Eastern Africa was the fastest-growing region on the continent.<\/p>\n

\u201cThe Covid-19 pandemic has affected most of our economic activities and pushed our economies into recession,\u201d the minister said.<\/p>\n

Vera Songwe, the Executive Secretary of the Economic Commission for Africa (ECA), recalled that last year, delegates discussed the impacts of the social and economic crisis in the region.<\/p>\n

In 2020, she noted, the economy in Eastern Africa shrunk for the first time in decades.<\/p>\n

\u201cThe services and manufacturing sectors were hit hard by the pandemic, particularly revenues in tourism and travel-related industries,\u201d she added, \u201cThe agricultural sector was not spared, facing weather-related shocks and the biggest desert locust invasion in 70 years.\u201d<\/p>\n

As a result of the pandemic, millions of jobs have been lost.<\/p>\n

\u201cEmerging conflict in the Horn of Africa added to the already heightened regional insecurity,\u201d Songwe stressed.<\/p>\n

However, she remains optimistic about a region whose health sector has been strained by the pandemic.<\/p>\n

\u201cFurthermore, we were looking forward to the Jan 1st launch of trading in the AfCFTA,\u201d she stated.<\/p>\n

So far in 2021, Songwe said, while the situation is largely the same, \u201cwe were correct in our optimism.\u201d<\/p>\n

According to Songwe, early projections suggest that the sub-region\u2019s economy will expand by 3 per cent this year, with countries like Djibouti, Eritrea, Rwanda and Uganda rebounding by over 4 per cent.<\/p>\n

But caveats abound, she said, adding that recovery in tourism, travel, and other service industries has been slow.<\/p>\n

\u201cPrices for food, housing, transport, and utilities seem to have increased generally, pressuring all citizens but especially poorer households. Fiscal pressures in Eastern Africa mounted as the tax base eroded and spending on social protection measures increased.\u201d<\/p>\n

\u201cUnsurprisingly, this year has also been a tough one for trade. But since our meeting last year, four additional member States ratified, or are very close to ratifying, the AfCFTA Agreement. Congratulations to Burundi, DRC, Seychelles and Tanzania on your progress so far. Our office stands ready to support you in developing national strategies to maximise your gains from the agreement, just as we have for several countries already in the sub-region and beyond.\u201d<\/p>\n

On the pandemic front, despite the upsurge in Covid-19 in the region, Songwe said, most countries still have confirmed infection and death rates well below the continental average.<\/p>\n

She said vaccine rollout has been modest, inhibited by vaccine access, hesitancy, administration, and challenges with supply chains and procurement of essential supplies.<\/p>\n

\u201cThis year, although we again reflect on the pandemic\u2019s impact, we also look forward to what recovery looks like for Eastern Africa and will align on what it takes to get us there. The efforts to enhance regional trade, manufacturing capacity, and health systems will go a long way to building the region\u2019s resilience to future shocks,\u201d Songwe said.<\/p>\n

\u201cAnother strategy is continuing to improve the investment climate in Eastern Africa. The variety of investment opportunities already creates strong appeal for investors within and beyond the continent.\u201d<\/p>\n

Songwe also noted that implementing the AfCFTA can further increase intra-regional investment, \u201cwhich our background study notes\u201d is less focused on extraction and can better support economic industrialisation, diversification, and development.<\/p>\n

For More News And Analysis About Rwanda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Rwanda. The Eastern Africa sub-region needs to work harder and smarter to recover faster and build back better from the devastating impact of the Covid-19 pandemic. 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