Sustainable Development, Sustainable Debt: Sustainability is about quality of investments financed through debt – Jacquet

Africa's development and sustainability challenges have been under the spotlight at a recent conference in Dakar, where heads of state and policymakers convened to discuss the pressing issues facing the continent. Pierre Jacquet, President of Global Development Network (GDN) and Member of Circle of Economists, emphasized the importance of sustainable development and debt sustainability in African policymaking. According to Jacquet, sustainability is not just about the amount of debt but rather the quality of investments that are financed through debt. He highlighted the need for decision-makers to constantly consider the implications of debt financing on development projects and the importance of fiscal discipline in managing debt. Key themes from the interview included the role of global cooperation in addressing Africa's challenges, the need for innovative financing solutions, and the importance of governance and capacity-building in African countries. Jacquet stressed the significance of balancing social and economic objectives in sustainable development and the importance of public-private partnerships in achieving development goals. He also called for a more balanced approach to debt relations between creditors and debtors, emphasizing the shared responsibility in managing debt crises. In the face of rising global tensions and uncertainties, Jacquet expressed concerns about the impact on trade and investment flows in Africa. He highlighted the need for predictability and stability to attract private investment to the continent while acknowledging the challenges posed by nationalistic trends and trade conflicts. Looking ahead, Jacquet emphasized the importance of building resilience in African countries to future challenges, particularly in the face of climate change and other global threats. He underscored the need for governance reforms, local ownership of development processes, and transparency in debt management to ensure sustainable development outcomes. The conference aimed to foster collaboration between academics, policymakers, and development practitioners to enhance research capacity and policy planning in African countries. Jacquet's insights shed light on the complexities of debt sustainability and the crucial role of quality investments in driving sustainable development in Africa.