​•​“Reforming international credit rating agencies is essential to restructuring the global financial system,” said H.E. Dr. Rania A. Al-Mashat.

​•​“Accurate and up-to-date data from African nations is crucial for launching the African Credit Rating Agency and integrating it with global agencies to enhance the continent’s financing prospects,” emphasized H.E. Dr. Rania A. Al-Mashat.

During the high-level week of the United Nations General Assembly, H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, & International Cooperation, participated in a high-level dialogue on the establishment of the African Credit Rating Agency. The dialogue, hosted by the African Peer Review Mechanism in collaboration with the African Union and the United Nations Economic Commission for Africa, took place at the African Union Permanent Mission in New York.

The session included distinguished participants such as Ambassador Marie Antoinette Rose-Quatre, CEO of the African Peer Review Mechanism; Ms. Hassatu Diop N’Sele, Vice President for Finance and Chief Financial Officer of the African Development Bank Group; Dr. Montfort Mlachila, Deputy Director at the International Monetary Fund’s Africa Department; Ambassador Albert Muchanga, AU Commissioner for Economic Development, Trade, Industry, and Mining; and Chileshe Kapwepwe, Secretary General of COMESA.

In her remarks, H.E. Dr. Al-Mashat stressed the importance of data quality and the integration of development efforts amid limited resources. She also underscored the need for reforms in the methodologies of the major global credit rating agencies, noting that such reforms are crucial for redirecting capital flows to African nations and fostering sustainable economic development.

H.E. explained that establishing a regional rating agency will allow for more accurate assessments based on regional economic conditions, social dynamics, and political factors. Al-Mashat added that the unique challenges and opportunities facing African economies are often not adequately assessed by international agencies, and a regional agency would provide better insight, adding that it  is vital that African nations provide audited and updated data to the African Credit Rating Agency, which will help integrate it with international agencies and improve financing prospects across the continent.

H.E. Dr. Al-Mashat further explained that the creation of the agency would boost investment appeal, as a reliable African credit rating agency could enable African nations to negotiate better terms in international financial dealings.

The discussions also explored the future role of the African Credit Rating Agency in enhancing access to sustainable financing, developing local capital markets, encouraging direct private investment, and reshaping the global financial system to better meet the needs of the continent.

H.E. Dr. Al-Mashat’s participation in the high-level week of the UN General Assembly marks her first engagement since the merger of the Ministries of Planning and Economic Development with International Cooperation. The Ministry’s objectives focus on driving sustainable economic growth through three key pillars: evidence-based policies to address development gaps, fostering macroeconomic stability, implementing structural reforms to enhance competitiveness and improve the business environment, supporting the resilience of macroeconomic policies, transitioning to a green economy, and mobilizing both domestic and international financing within an integrated national financing framework.