SDRs Convening: Advancing Gender Equality in Economic Recovery
By harnessing the potential of SDRs and prioritizing gender equality, FEMNET and its partners aspire to create lasting change and empower marginalized communities.
Lusaka, Zambia - The African Women's Development and Communication Network (FEMNET), a prominent women's rights organization, is spearheading an important initiative to promote gender equality and inclusive economic recovery through the effective utilization of Special Drawing Rights (SDRs), writes Winston Mwale.
With support from the Bill and Melinda Gates Foundation, FEMNET is organizing an SDRs convening in Zambia from Tuesday 12th - Wednesday 13th December 2023, bringing together stakeholders from various sectors to discuss and strategize on the optimal allocation and utilization of SDRs.
The COVID-19 pandemic has dealt a severe blow to global economies, particularly hitting developing nations the hardest. In response, multilateral policies such as SDRs have been implemented to revitalize economic activity and address gender inequalities.
FEMNET's research study, titled "Inclusive Economic Recoveries for Africa: A forecast on Special Drawing Rights (SDRs)," focuses on four countries - Kenya, Zambia, Malawi, and Senegal - to assess the extent to which SDRs have been utilized to advance women's rights and create equal opportunities for vulnerable groups.
The study highlights significant gaps in transparency and accountability regarding the allocation and utilization of SDRs.
There is limited evidence to suggest that the governments of Kenya, Zambia, Malawi, and Senegal directed their respective SDR allocations to specific sectors or programs. Instead, the allocations were primarily used to finance fiscal deficits, provide budgetary support, or replenish reserves.
Furthermore, the lack of comprehensive frameworks for SDR utilization and reporting hinders oversight institutions, citizens, and civil society organizations from holding their governments accountable.
To address these challenges and advocate for a more equitable and inclusive post-pandemic recovery, FEMNET is organizing the SDRs convening in Zambia.
The event aims to bring together key stakeholders, including experts in economic justice, gender justice, public finance management, and macroeconomic policy, to foster dialogue and collaboration on the effective utilization of SDRs.
The objectives of the convening include disseminating the research findings, enhancing participants' understanding of SDRs and their impact on the economy, and developing advocacy strategies to ensure a gender-responsive approach to SDR allocation and utilization.
Through workshops and discussions, participants will explore ways to bridge the information gaps and strengthen mechanisms for transparency and accountability in the use of SDRs.
The SDRs convening will serve as a platform for diverse voices, including civil society organizations, women's rights advocates, and representatives from the public and private sectors, to come together and drive meaningful change.
By engaging gender advocates in inclusive economic recovery efforts and promoting gender-responsive strategies, FEMNET aims to ensure that the benefits of SDR allocations reach those who need them most.
The SDRs convening in Zambia is a crucial step towards building a more equitable and resilient post-pandemic world.
By harnessing the potential of SDRs and prioritizing gender equality, FEMNET and its partners aspire to create lasting change and empower marginalized communities.