Af rica’s macro-economic vulnerabilities, ranging f rom f iscal f ragility and commodity dependence to the increasing f requency of climate shocks, highlight the urgent need for a predictable, Af rican-led f inancial safety net. In response, the Af rican Union (AU), with
technical support f rom the Af rican Development Bank (AfDB), has endorsed the development of the Af rican Financial Stability Mechanism (AFSM) and is advancing the complementary design of the proposed Af rican Stability and Growth Pact (ASGP).