Delegates from the AfDB Group, led by Professor Kevin Chika Urama, Chief Economist and Vice President for Economic Governance and Knowledge Management, met with HM Wale Edun at Finance HQ on Monday morning.
The Honourable Minister was briefed on the African Financial Stability Mechanism (AFSM), an initiative aimed at promoting macro-financial stability across the continent to better cope with future external shocks.
The AFSM proposes three key instruments:
- Alleviate financial market pressures
- Enhance and reduce the cost of debt
- Address the root causes of financial volatility
The Honourable Minister praised the initiative as a powerful tool to strengthen Africa’s financial institutions, ensuring they can provide support during times of need.