SPEECH BY HIS EXCELLENCY PROSPER BAZOMBANZA, VICE PRESIDENT OF THE REPUBLIC OF BURUNDI, ON THE OCCASION OF THE OPENING OF THE 9TH RETREAT MEETING OF THE ASSOCIATION OF SENATES, SHOORA AND EQUIVALENT COUNCILS OF AFRICA AND THE ARAB WORLD (ASSECAA).

Excellencies;

Honourables;

Distinguished participants;

Ladies and Gentlemen, all protocol observed

1. Let us give thanks to the Almighty God, Master of times and ceremonies, He who has allowed us to gather in these places.
2. We are very happy, Dear Guests, to count you among ours. Permit   me first of all to welcome you and wish you a pleasant stay in Burundi and to indicate, prima facie, that I am presenting this speech on behalf of His Excellency Evariste NDAYISHIMIYE, President of the Republic of Burundi, who is busy with other duties. Your presence is a tribute that you pay to our country, by choosing Bujumbura, our economic capital, to host the meetings of the 9^th Retreat Meeting of the Association of Senates, Shoora and Equivalent Councils of Africa and the Arab World whose main themes are:

1° The effects and repercussions of the Covid-19 pandemic on economies

of Arab-African communities and the response of governments;

2° The Russian-Ukrainian war and its repercussions on the channels supply, energy and food prices.

We express our deepest gratitude to the organizers of this conference who have given themselves body and soul to ensure that the works are held in good terms.

Excellencies;

Honourable;

Distinguished Participants;

Ladies and Gentlemen, all protocol observed,

• The 9^thRetreat Meeting of the Association of Senates, Shoora and Equivalent Councils of Africa and the Arab World seeks to achieve three objectives:

1° Promote Afro-Arab debate, dialogue and consultation on strategic and priority issues in the African and Arab regions, and better understand the repercussions caused by the covid-19 pandemic, as well as the Russian-Ukrainian war and the consequences observed so far on countries’ economies, supply chains, energy and food prices, and propose solutions;

2° Establish a parliamentary economic diplomacy which will explore the ways and means of strengthening Afro-Arab economic cooperation in a strategic, participatory, integrated and development perspective based on the strengthening of economic, commercial and humanitarian ties between Africa and the Arab world;

3° Sharing knowledge and experiences among parliamentarians through the presentation of good practices and lessons learned with a view to elaborate and mitigate the economic impacts of covid -19 and the repercussions of the Russian-Ukrainian war on the economies of countries in Africa and the Arab world.

Excellencies;

Honourables;

Distinguished Participants;

Ladies and Gentlemen, all protocol observed

• At the end of 2019, the world experienced the Covid-19 pandemic, which spread rapidly in all countries, causing major damage in all economic sectors, including finance and banking and plunging the world economy in a recession.
• According to estimates by the International Monetary Fund (IMF), global economic losses due to the corona virus epidemic will amount to around 15 trillion dollars by 2024. This is equivalent to 2.8% of gross world output.
• The International Monetary Fund said that central banks around the world have increased their balance sheets by a combined $7.5 trillion to deal with the pandemic. He said that in 2020 alone, banks injected more liquidity into financial markets than they did in the last ten years combined.
• In addition, according to the World Bank, the pandemic has led to a decline in the economic, health and food security of millions of people, pushing an estimated 150 million people into poverty in 2020 alone, as world prices have increased to 14% the same year.
• With the persistence of the Covid-19 pandemic, the world economy entered 2022 in a more fragile position than expected. In its most recent version of the “World Economic Outlook” report, the International Monetary Fund expects the global growth rate to decline from 5.9% in 2021 to 4.4% in 2022.
• Given the rising energy prices and supply chain disruptions, the International Monetary Fund also expects inflation to continue and rise in the near term, averaging 3.9% in advanced economies and 5.9% in emerging markets and developing economies in 2022.
• With regard to Africa and the Arab world, the consequences of the corona virus and its repercussions on the two regions have led to a collapse in oil prices and a drop in global demand.
• Covid-19 has also led to a decline in domestic tourism, as well as slower economic growth in Arab and African economies.
• At the same time, the crisis has had direct effects on the financial and banking sector and on GDP, indirectly slowing growth in the countries of the two regions.
• According to the World Bank, in 2020 the Middle East and North Africa suffered significant GDP losses, which were estimated at around $200 billion. These include damage in key sectors, such as energy, aviation, tourism and transport, among others.
• Economies in the region contracted in the same year by around 3.8%, according to the World Bank estimates, and this coincided with last year’s decline in Gross Domestic Product (GDP) per capita, in the region of about 5.4%.
• The economic performance of Arab and African countries over the past two years has been affected by the epidemic. This led to a significant drop in the Gross Domestic Product, an increase in the unemployment rate and a significant increase in budget deficits and public debt.

Excellencies;

Honourables;

Distinguished Participants;

Ladies and Gentlemen, all protocol observed

1. As the world emerged from the tunnel of the health crisis, the Russian-Ukrainian war broke out, contributing to the deterioration of global economic conditions, straining international relations, increasing the level of uncertainty, aggravating the crisis energy, food, mineral and fertilizer prices and raise concerns about their supply.
2. This situation has added additional risks to the global economy and reinforced some of the dilemmas faced by many global economies.

Excellencies;

Honourables;

Distinguished Participants;

Ladies and Gentlemen, all protocol observed

1. With Russia and Ukraine being major commodity producers, supply chain disruptions have pushed up global prices, especially for oil and natural gas.
2. Food prices have jumped, with wheat for which Ukraine and Russia account for 30% of world exports.
3. Moreover, Arab-African food security is suffering enormously from the Russian-Ukrainian war.
4. In the longer term, war could fundamentally alter the global economic and geopolitical order.

Excellencies;

Honourable;

Distinguished Participants;

Ladies and Gentlemen, all protocol observed

• During these two days, your reflections will allow you to better understand the repercussions caused by the Covid-19 pandemic, as well as the Russian-Ukrainian war in order to address and mitigate the economic impacts of Covid-19 and the repercussions of the Russian-Ukrainian war on the economies of Africa and the Arab world.
• It is with these words that I declare open the 9^th retreat meeting of the Association of Senates, Shoora and Equivalent Councils of Africa and the Arab World on these two themes:

1° The effects and repercussions of the Covid-19 pandemic on Arab-African economies and the response of governments;

2° The Russian-Ukrainian war and its repercussions on supply chains, energy and food prices.

Thank you for your kind attention

 God bless us