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AFRICAN GOVERNMENTS’ DEALINGS WITH CREDIT RATING AGENCIES TO BE SUPPORTED BY THE APRM

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The downgrades of countries due to the COVID-19 calls into question the procyclical approach of rating agencies – an approach in which bad news is simply piled on bad news, an on-going criticism against rating downgrades during crisis periods. 

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GOVERNMENTS’ DEALINGS WITH CREDIT RATING AGENCIES TO BE SUPPORTED BY THE APRM

 

 

PUBLISHED BY: APRMPOSTED: 25-06-2019

Johannesburg, 7-8 June 2019 – The African Peer Review Mechanism (APRM) convened the 1st Adhoc Committee meeting on APRM Support to Member States on Credit Rating Agencies in Johannesburg, South Africa. This as part of the series of consultations with academicians, policy makers, experts and practitioners in operationalizing the Assembly Decision Assembly/AU/Dec.631 (XXVIII) adopted at its 28th Ordinary Session held in Addis Ababa, Ethiopia in January 2017, which directed the APRM to provide support to Member States in the field of Rating Agencies.

In his opening address, Prof Eddy Maloka, APRM Chief Excecutive Officer, stated that the APRM support to Member States on Credit Rating Agencies is a paramount in ensuring successful implementation of the African Union Agenda 2063 as it assist in ensuring the acceleration and operationalization of the continental financial institutions architecture and access to affordable capital.

Following the Assembly Decision, the APRM has since consulted the 3rd Specialized Technical Committee on Finance, Monetary Affairs, Economic Planning and Integration that occurred from 4th to 8th of March 2019 in Yaoundé, and presented the draft framework of support to Member States on Credit Rating Agencies. The 1st Adhoc Committee meeting has reviewed and agreed upon the draft policy framework which will thereafter be reviewed by member states and signed off by the APRM Committee of Focal Points.

The membership of the committee comprises experts nominated from African Development Bank, African Securities Exchange Association, African Union Commission- Department of Economic Affairs, Africa Risk Capacity, United Nations Economic Commission for Africa, Trade and Development Bank BRICS, South African Reserve Bank, Central Bank of Egypt, University of Cape Town and Wits Business School amongst other independent experts coming from all over Africa .

The 1st Adhoc Committee on APRM support to Member States on Credit Rating Agencies was established by the APRM CEO to serve as an experts’ consultative platform and reference group for technical review of the policy framework, consultation framework, and recommendations emanating from APRM special studies on this subject.


For inquiries please contact: Liziwe Selana (Head of Communications APRM)
[email protected]

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    10/29/2020

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    10/30/2020

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