Dr. Eyob Tekalign, the Governor of the National Bank of Ethiopia, has called for the establishment of a "regional financial safety net" to bolster continental economic cooperation.

Speaking at the Emerging Economies Forum in AlUla, Dr. Eyob argued that the support African nations currently receive from the Global Financial Safety Net (GFSN) is disproportionately low. He noted that many countries on the continent remain precariously dependent on their own limited foreign exchange reserves and International Monetary Fund (IMF) credit facilities.

The Governor described the creation of a shared institutional financial mechanism for Africa as "urgent and critical," suggesting the continent follow the lead of Europe and Asia in developing its own regional buffers to combat external financing shortages.

Dr. Eyob also used the high-level platform to push for a reform of the IMF’s quota system. He emphasized that Ethiopia’s current quota share fails to reflect the country’s massive structural economic shifts or its true economic standing on the global stage.

The forum, held under the theme "Strengthening the Global Financial Safety Net – Fast and Reliable Liquidity Support to Withstand Challenges," brought together several global finance leaders. Attendees included IMF Managing Director Kristalina Georgieva and World Bank Managing Director Anna Bjerde, alongside central bank governors from across the globe.