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

The report proposes a two-pillar financial safety net for Africa to enhance macroeconomic stability and resilience against external shocks, including climate events. This architecture consists of the African Financial Stability Mechanism (AFSM), a liquidity facility for emergency funding, and the African Stability and Growth Pact (ASGP), a flexible budgetary governance framework. Together, they aim to reduce dependence on external donors and the IMF by providing a rule-based, African-led system for crisis response and fiscal discipline.

• The African Financial Stability Mechanism (AFSM) is designed as a regional financing mechanism providing concessional liquidity to African countries facing macroeconomic shocks, such as market access loss, commodity price crashes, and climate-related budgetary disruptions.
• The African Stability and Growth Pact (ASGP) is a proposed budgetary governance framework that avoids uniform targets, instead allowing countries to define their own fiscal rules based on their specific macroeconomic context and institutional maturity.
• The AFSM and ASGP are integrated such that access to AFSM liquidity is linked to a country's participation in and compliance with the ASGP, creating incentives for responsible fiscal behavior.
• The AFSM's capitalization strategy employs a blended finance model, utilizing Special Drawing Rights (SDRs), member contributions in hard currency, African Sovereign Wealth Funds, and support from African Development Finance Institutions (DFIs) like Afreximbank and TDB.
• The ASGP includes specific climate-related flexibility, allowing countries to deviate from their fiscal rules by up to 2% of GDP for investments in climate resilience.
• The proposed institutional architecture for the AFSM-ASGP link involves a Joint Technical Committee (JTC) comprising representatives from the African Union Commission, AfDB, APRM, CABRI, and ECA to evaluate eligibility and progress.
• The ASGP utilizes a three-tiered system of fiscal rules: Level 1 for low-risk countries (binding deficit/debt ceilings), Level 2 for moderate-risk countries (structural balance rules), and Level 3 for high-risk or indebted countries (customized adjustment frameworks linked to Debt Sustainability Analysis).
• A phased implementation timeline is proposed, starting with a pilot phase from 2025 to 2027 involving five to seven countries, followed by institutionalization between 2028 and 2030, and final AU treaty approval after 2030.
• The AFSM is explicitly not an investment fund for long-term climate adaptation or green infrastructure; its role is limited to providing short-term liquidity during climate shocks.

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} }