“Our engagement is not transactional, it’s not for show, and it’s not for the short-term,” says US Treasury Secretary Janet Yellen in Dakar.
(AFP)
US Treasury Secretary Janet Yellen has touted the fruits of a brand new “mutually beneficial” financial technique in direction of Africa, contrasting concentrating on Russia over its invasion of Ukraine and China’s business practices.
“The United States is all in on Africa, and all in with Africa,” she mentioned on Friday throughout a go to to Senegal, a part of a push by President Joe Biden’s administration to spice up relations with a continent the place the United States faces elevated competitors from different main powers.
“Our engagement is not transactional, it’s not for show, and it’s not for the short-term.”
Yellen, who had attended a US-Africa summit hosted by Biden in Washington final month, mentioned the president, vice chairman and different cupboard secretaries would journey to African nations this yr.
“The world is finally catching up to recognising Africa’s contributions — past and future,” she mentioned on a go to to a business incubator within the Senegalese capital Dakar, her first cease on a three-country tour of the continent.
She mentioned the US was in search of “to modernise our relationship by focusing on what we can do together, rather than what we can do for each other”.
The relationship, she mentioned, could be “based on mutual cooperation and greater ambition”.
‘Important public investments’
Yellen cited the Covid-19 pandemic and Russia’s invasion of Ukraine as main financial headwinds for Africa.
“Let me be clear: the single best thing we can do to help the global economy is to end Russia’s illegal and unprovoked war in Ukraine,” she mentioned.
“Russia’s war and weaponisation of food has exacerbated food insecurity and caused untold suffering, and the global economic headwinds caused by the actions of a single man — President Putin — is creating an unnecessary drag on” economies.
In her speech, which adopted a gathering with Senegal’s Economy Minister Oulimata Sarr, Yellen highlighted the continent’s promising demographics.
But she mentioned financial development would solely include enough job alternatives and investments.
US investments on the continent, she mentioned, are “motivated by our mutually beneficial, long-term partnership — the goal is to generate positive economic returns while fostering sustainable debt.”
She mentioned African governments want the “fiscal space” to make “important” public investments.
“We believe that the international community, including China, needs to provide meaningful debt relief to help countries regain their footing,” she mentioned.
Yellen is scheduled to journey to Zambia on Sunday, and later to South Africa.
Zambia is renegotiating the almost $6 billion debt, and Yellen has been crucial of China’s failure to make progress on negotiations.
‘Lasting outcomes’
In Dakar, Yellen described US plans to companion with African nations on local weather disaster, well being and safety points.
She reiterated US assist for the African Union to affix the G20.
She mentioned worldwide establishments wanted to be reformed, but in addition that African governments wanted higher accountability and transparency.
“Countries need to be wary of shiny deals that may be opaque and ultimately fail to actually benefit the people they were purportedly designed to help in the first place,” Yellen mentioned.
“This can leave countries with a legacy of debt, diverted resources, and environmental destruction.”
In an implicit distinction with China, Yellen mentioned the US has taken a “different” tack, prioritising “transparency, good governance, accountability, and environmental sustainability.”
“While our approach may be exacting, we believe it delivers lasting results,” she mentioned.
Later Friday, Yellen mentioned bilateral relations with Senegal’s President Macky Sall, who can also be chairman of the African Union.
“A prosperous continent won’t just benefit Africa – it will help to strengthen the American and global economies as well,” she mentioned.
“We are here as a partner and will help work for Africa’s success.”
Source: TRTWorld and businesses
