Senior Adviser to the Technical Secretariat, High-level Working Group on the Global Financial Architecture Full Time NEW

Job Description

Duties and Responsibilities

• BACKGROUND Existing research on Africa’s financing needs consistently demonstrates that the continent requires high levels of financing for improved structural transformation and to achieve the 2030 Agenda for Sustainable Development. The annual SDG financing gap for Africa is at a minimum $1.3 trillion. Between 2019 and 2022, global shocks, particularly the coronavirus disease pandemic (COVID-19) and ensuing financial, climatic and food-related shocks (including the war in Ukraine), have exacerbated levels of poverty and inequality across the continent, increasing new poor by 55 million and pushing 47 million people in extreme poverty. Africa now needs an additional $154 billion annually to achieve the SDGs, and an additional $285 billion for the next five years to ensure an adequate response to the adverse impact of global shocks. Achieving climate change targets requires an annual investment of $300 billion in mitigation and adaptation in order to implement its nationally determined contributions as per Paris Agreement on climate change. Yet, African Governments are confronted with unprecedented levels of national debt. The limited fiscal space that is currently available to African countries has severely constrained the allocation of their resources to poverty alleviation. 43 African countries which are energy and food importers could face increased pressure on their fiscal and current account balances. With concessionary financing in short supply, SDR allocations disproportionately favoring advanced countries and private financing attracting relatively high premia, African countries are experiencing a financial squeeze with adverse liquidity implications for the domestic private sector. Rising inflationary expectations and looming interest rate hikes in advanced economies have alarmingly increased the risk of capital reversals. Under the current conditions, achieving Sustainable Development Goals in less than 7 years’ time pursuant to the 2030 Agenda is becoming ever more improbable. Closing the Sustainable Development Goals financing gap will require a disruptive approach that promotes innovative finance and long-term investment. There is therefore an urgent need for innovative and sustainable options to scale up access to concessionary financing by vulnerable countries; catalyze a more equitable SDR allocation mechanism that takes into account financing needs of developing countries; and enable greater voice of developing countries in global financial decision-making. The United Nations Economic Commission for Africa (ECA) is playing a leading role in providing support to countries on debt management and development financing. In this context, ECA coordinates the High-level Working Group on the Global Financial Architecture (HLWG-GFA), comprising African ministers of finance, planning and economic development, the African Union, the African Development Bank, the African Export-Import Bank and the World Bank Group, with the participation of staff and executive directors of the International Monetary Fund. The working group has been convening since early 2022, both in person and online. Its role has been to monitor and respond to the economic consequences for African countries in line with the COVID-19 pandemic and the war in Ukraine. The working group has functioned as a platform for building consensus among African policymakers on pertinent requests and proposals for reforming the global financial architecture. In consultation with African finance ministries, ECA has recently launched a report to propose a new work agenda for the International Monetary Fund to improve responses to the challenges that low-income and middle-income countries are facing in the current global financial architecture. The Office of the Deputy Executive Secretary (Programme) and Chief Economist has commenced its mission to oversee and guide the implementation of ECA’s three strategic tracks through both the subprogrammes (macroeconomic policy and governance; regional integration and trade; private sector development and finance; data and statistics; technology, climate change and natural resource management; gender and women in development; subregional activities for development; economic development and planning; poverty, inequality and social policy) and specialized thematic areas (employment skills and balanced development, demographic dynamics for development, economic diversification policy and reforms, deepening regional integration – towards the implementation of AfCFTA, and inclusive industrialization). A central part of this role is to inform better decision-making, policy direction and build partnerships around high-impact solutions in response to the evolving need of ECA’s 54 Member States. In collaboration with relevant ECA Divisions under the Programme pillar, UN entities and external partners, the Senior Adviser to the Technical Secretariat for the HLWG-GFA, as a senior adviser, will support the work of the HLWG-GFA. Duties and responsibilities Under the overall guidance of the Deputy Executive Secretary and Chief, the Senior Adviser to the HLWG-GFA Technical Secretariat will be expected to support ECA’s coordination role over the HLWG-GFA by way of undertaking the following responsibilities: • Provide substantive support on policies and strategies for innovative approaches to debt financing and development finance in Africa; • Provide technical and analytical support the HLWG Secretariat. • Produce analysis, briefings, position papers and background documentation to support the goals, convening, and advocacy of the HLWG-GFA • Ensure the smooth functioning and coordination of all aspects of the work of the HLWG-GFA Technical Secretariat; • Provide substantive technical support to and participate in the organisation of meetings and other forums convened by UNECA and its partners convened by ECA; • Provide substantive input in the preparation of position papers and reports for presentation to intergovernmental bodies such as the Advisory Committee on Administrative and Budget Questions, Committee for Programme Coordination, Economic and Social Council, the General Assembly and other policy-making organs, as appropriate; • Provide technical and analytical support on debt, development finance and related issues for the UNECA Conference of Ministers; • Actively analyse existing studies, regulations, processes and procedures on reforming the global financial architecture and impact of major global developments on African countries; • Oversee effective issuance, quality control and tracking of reports, decision points and background documents; • Perform other duties and functions as delegated by the Deputy Executive Secretary Program;

Qualifications/special skills