Document intégré de discussion De la résolution des crises à leur prévention

The report outlines a strategic framework to strengthen Africa's financial stability by combining a regional liquidity facility (MASF) with a flexible budgetary governance pact (PASC). The MASF is designed to provide rapid, concessional liquidity to counter exogenous shocks, including climate-related disruptions, while the PASC encourages national budgetary discipline through peer accountability and tailored rules. Together, they aim to reduce dependence on external donors and improve market credibility through a phased implementation starting with a pilot phase between 2025 and 2027.

• The African Financial Stability Mechanism (MASF) is designed as a regional financing mechanism (MFR) providing concessional liquidity to African countries facing macroeconomic shocks, such as sudden loss of market access, commodity price crashes, and climate-related budgetary disruptions.
• The African Stability and Growth Pact (PASC) is a proposed budgetary governance framework that avoids uniform targets, instead allowing countries to define their own budgetary rules based on their specific macroeconomic context and institutional maturity.
• The MASF and PASC are integrated such that access to MASF liquidity is calibrated based on a country's commitment to the PASC, using a three-tier eligibility structure: full access for total compliance, limited access for partial compliance, and ineligibility for non-compliance.
• The MASF is specifically intended for short-term liquidity during shocks, including climate events, but it is explicitly not a fund for long-term climate adaptation or green infrastructure investments.
• The PASC includes a specific 'climate-related budgetary flexibility' allowing countries to deviate from their budgetary rules by up to 2% of GDP for investments in resilience or emergency climate responses, provided there is a plan to return to sustainability.
• The MASF's capitalization is proposed as a blended model involving member contributions, potential reallocation of Special Drawing Rights (SDRs), support from African development finance institutions (DFIs) like Afreximbank and TDB, and participation from sovereign wealth funds and philanthropic partners.
• Implementation is planned in three phases: a pilot phase (2025-2027) with 5 to 7 countries, a revision and refinement phase (2028-2030), and final formalization via an African Union treaty after 2030.
• The governance of the integrated framework will be streamlined through a single Joint Technical Committee (JTC) comprising representatives from the African Union Commission, AfDB, APRM, CABRI, and ECA.

APA

FSD Africa (2025). Document intégré de discussion De la résolution des crises à leur prévention. https://fsdafrica.org/wp-content/uploads/2026/02/801131-ACF-AFSM-paper-FRE_WEB.pdf

Chicago

FSD Africa. Document intégré de discussion De la résolution des crises à leur prévention. 2025. https://fsdafrica.org/wp-content/uploads/2026/02/801131-ACF-AFSM-paper-FRE_WEB.pdf.

Wikipedia

{{cite report |author=FSD Africa |title=Document intégré de discussion De la résolution des crises à leur prévention |date=2025 |url=https://fsdafrica.org/wp-content/uploads/2026/02/801131-ACF-AFSM-paper-FRE_WEB.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{fsdafrica2025document, author = {{FSD Africa}}, title = {{Document intégré de discussion De la résolution des crises à leur prévention}}, institution = {FSD Africa}, year = {2025}, url = {https://fsdafrica.org/wp-content/uploads/2026/02/801131-ACF-AFSM-paper-FRE_WEB.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }