While the OMT required strict conditionality to address the underlying vulnerabilities, moral hazard was much less of a concern when the pandemic hit. Therefore, the PEPP was, by design, unconditional, but also temporary and linked to the pandemic. We will react to new emergencies with existing and potentially new tools.
Testimony to Africa’s willingness to support the Belt and Road initiative is member states of the African Union endorsement of “Agenda 2063: The Africa We Want”, a roadmap for structural economic transformation over a fifty-year time scale.