According to the Bank’s website, this Project, on Strengthening the Capacity of Transition States for Effective Management and Mitigation of Debt Distress Risks, seeks to address debt management and other related public finance management issues in the twenty-two (22) Transition states eligible for the TSF in ADF-15 (as shown in Technical Annex B.18 and B.20), most of which are in debt distress, or at a moderate to high risk of debt distress. The Project is consistent with the Bank Group's and Regional Economic Communities' strategies and effort of ensuring debt sustainability of its member countries, especially Transition states. The Project's objective is also based on the rationale that unmitigated debt crisis in Transition states would have profound implications for fiscal vulnerability and further instability not only for these countries but for the whole of Africa and will significantly impair the continent's ability to achieve the Sustainable Development Goals (SDGs) and the AU Agenda 2063.
The Project's objective and approach are largely consistent with the Bank's "One Bank" approach, which recognizes the synergy between different Bank Group units and instruments. Therefore, the Project will activate the synergy between the Bank Group's fragility and private sector development strategies, as well as other operational and technical instruments for fiscal stability and resilience. Fragility, governance, and private sector development are intertwined - a fragile environment adversely affects public governance and the ability of private sector to thrive; on the other hand, a strong private sector stimulates economic growth, job creation, increased household, and firm income necessary for sustainable tax revenues for government, fiscal stability, governance effectiveness and resilience. Consequently, the Fund for Africa Private Sector Assistance (FAPA) is willing to contribute US$1million to this Project, in acknowledgement that sound public debt management will enhance private sector participation in the debt market to finance their operations.
Name: Chidiebere Udeh IBE
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