PAM joins the WB Parliamentary Network and IMF call for effective economic recovery

PAM joins the WB Parliamentary Network and IMF call for effective economic recovery

On 16 June, the Parliamentary Assembly of the Mediterranean actively participated and contributed to the virtual meeting on the Response to the economic emergency caused by Covid-19, organized by the Parliamentary Network of the World Bank and the International Monetary Fund.  

The meeting gathered legislators from over 47 countries to discuss on the economic impact of the pandemic and served as a platform to exchange experiences and views on the recovery strategies.  

The event was chaired by Hon. Liam Byrne, Chair of the Parliamentary Network, and introduced by Ms. Antoinette Sayeh, Deputy Managing Director of the IMF, who stressed the critical role of the parliamentarians in the recovery process. In her remarks, she invited to think at the current crisis as an opportunity in order to transform the global economy into a greener, more resilient, inclusive and sustainable approach.  

All the interventions underlined the catastrophic effects of the pandemic on global economic and financial systems. In particular, parliamentarians highlighted the critical impact of the crisis on the fragilities and vulnerabilities already present in our societies: social and economic inequality, unemployment and, consequently, the further growth of poverty. This is particularly evident in those segments of population groups already most vulnerable: women and young people. 

Hon. Ammar Moussi (Algeria) spoke on behalf of PAM. During his intervention, he highlighted the consequences of Covid-19 on the Euro-Mediterranean economy: the economic loss for the Arab countries alone is estimated in excess of 1.2 trillion dollars, while 7.1 million workers are at risk of losing their jobs by the end of the year in the MENA region. In parallel, in the euro zone, the GDP already declined by 3.6% in the first quarter of the year, with a dramatic impact on the economies of the southern shore of the Mediterranean. He also presented the approach and experience of Algeria, indicating the social and economic measures adopted by the central government, in particular for the most vulnerable groups in the country. 

Hon. Moussi stated that a regional, multifaceted and coherent cooperation is urgent and crucial to recover and restore the economy. PAM is convinced that the Mediterranean region needs a coordinated and comprehensive strategy, especially for the financial and economic aid to the SMEs, the driving-motors of the Mediterranean economy.  

As part of PAM initiatives to support the economy and SMEs in post-COVID, he recalled the launch of the PAM “Start-up Market project”: a digital platform that brings together start-uppers and investors to share better structured “capital calls”. In the framework of that initiative, PAM will hold a virtual forum on 8 July 2020, which will gather policy-makers, MPs and the private sector. The meeting shall have a wider look to the macro-economic impact of the pandemic and the concrete and adequate measures for helping enterprises. Many PAM delegates attended the WB/IMF conference, including Hon. Centemero (Italy), who will host the 8 July meeting. 

In his final remarks, Hon. Byrne emphasized the importance to continue sharing and exchanging practices among parliamentarians to promote a more inclusive, coherent and plural international approach.//


issued on 18/06/2020


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