The Lilongwe Summit reaffirmed the SADC position that the creation of the Central Bank and Monetary Union of the bloc is a long-term objective, which should be based on the achievement of necessary preconditions, namely the harmonization of fiscal and monetary policies of the SADC countries and a greater convergence of banking systems. Accordingly, the African Monetary Institute and the African Central Bank must constitute long-term objectives. One of the “Achilles’ heels” for the materialization of this objective of monetary union and regional banking may be associated with the maintenance of the sanctions imposed on Zimbabwe by the States United of America and European Union, for about two decades, which mainly targeted family members and elements close to former president Robert Mugabe, accused of violence and electoral fraud, a fact that degenerated into a serious economic crisis in that neighboring country. In fact, it is a “quite complicated” equation to discuss monetary and banking union, with a strong economic disparity between the SADC countries, in terms of their respective financial and interbank markets, based on the growing exchange rate gap between Zimbabwe and the others countries in southern Africa. Therefore, the Lilongwe Summit reiterated its call for the unconditional withdrawal of sanctions imposed on the Republic of Zimbabwe and for support to Zimbabwe in the ongoing efforts aimed at the socio-economic strengthening of the country. one of the pragmatic gains that the Heads of State and Government of the region were able to achieve in Lilongwe was the transformation of the SADC Parliamentary Forum into a regional Parliament, to function as a consultative and deliberative body. The Summit noted that the Agreement Amending the SADC Protocol on the Control of Firearms, Ammunition and Other Related Material and Agreement on the Status of Standby Forces of SADC and its Comms. Components Seconded in the Region for the Purposes of Training, Participation in Peace Support Operations, Exercises and Humanitarian Assistance would be initialed by Member States that were ready to do so. However, the budget for these operations was not disclosed. On the sidelines of the summit, SADC expressed its concern and opposition to the unilateral decision taken by the African Union Commission to grant Israel observer status with the African Union. The next session of the Summit will take place in the Democratic Republic of Congo in August 2022.Source:O País
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