Sadc, Afrodad team up on debt management
THE Zimbabwe Coalition on Debt and Development (Zimcodd) says it is expecting improved public finance management in Zimbabwe following the signing of a memorandum of understanding (MoU) between the Southern African Development Community Parliamentary Forum (Sadc PF) and the African Forum for Debt and Development (Afrodad).
The MoU, signed in Harare on Monday, is aimed at rolling out a landmark model law on public financial management in southern Africa and promoting sustainable financial and debt management in the region.
Zimcodd programmes manager John Maketo said: “Afrodad is a continental network of civil society organisations and development partners including Zimcodd, focusing on public finance management.
“The partnership with Sadc PF means there is greater opportunity for the network to influence domestication of the public finance management model law in Zimbabwe and the Sadc region.”
The Sadc PF model public finance management law lays the foundation for attaining the ambitions of the Abuja Treaty in establishing an African financial architecture.
Sadc PF secretary-general Boemo Sekgoma said Parliament would play a pivotal role in necessitating the implementation of initiatives on debt management.
“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,” Sekgoma said.
“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.”
Afrodad executive director Jason Rosario Braganza also said collaborative efforts among institutions would strengthen debt management efforts by various stakeholders.
“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 also to deepening our partnership by bringing a technical and political economy perspective to the development of the model law on climate action,” he said.
“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.”
The MoU is one of many strategies towards making “Africa a rulemaker” on the road to achieving sustainable development and climate justice on the continent.