 Serge, could I ask you as a man of markets, financial markets, and now a man of DFI, a Development Financial Institution, how you see the recovery? And you have been very successful in raising funds in the first quarter of this year. You have been oversubscribed in a major euro bond issuing with environmental and social goals at record low cost for an African issuer. So you are in the center of what is happening in terms of the financing and it was evoked by Bertrand Badrez this morning, the first session with some elements of doubts about financing development. So you share this view, are you a bit more optimistic? What do you see in terms of recovery of development? Well, thank you very much, Janelle. Thank you very much, Mr Prime Minister. Before I answer to your very question, I would like to thank the organization of the WPC to have made this conference possible in the context we all know and in such a gorgeous place, I have to say. I would also like to thank in person Thierry de Montréal and I remember the days where I have invited him, I used to invite him for when I was running global markets for a French institution and I have invited him to perform in front of the CFOs of our group and Thierry de Montréal has been so exceptional. And I believe that if I'm sitting here today in my new capacity of chairman, CEO and chairman of the West African Development Bank, it's maybe a little bit because of him, because I believe that I've been credited a little bit of his performance and of his success. As we say in French, on the Prète Coriche, so I believe that I've benefited a little bit of his extraordinary capacity to perform. Thank you Thierry de Montréal. Thank you for this. Now, Mr Prime Minister, coming back to your very questions, there are three key elements I'd like to share here with you today and I would like to stress out today. The first one is this debate, inflation versus deflation or stockflation. The second one is in the current context post pandemic, what is the how is this question, how do we deal with this question of the pay down of public debt? And the third element to come back to your very question, the last very point you have highlighted, the role of development bank and which might appear a little counterintuitive, I would say, the strong belief we have, and I would not come to you as a surprise, the real belief we have in the market, in global market, which is this confrontation between an offer and a demand. So the first thing is the risk of inflation or stockflation, notably in the case of the occurrence of de-globalization or I would say partial de-globalization in terms. I would say that there are two pitfalls we would need to avoid or we should try as much as possible to avoid. The first one being the self sustained deflation, the risk of the self fulfilling predicts. The anticipation of lower prices will lead to a less dynamic demand, slower demand, lower investments, and that would naturally at the end of the day lead to lower prices. Not to forget, not to forget that prices, that lower prices of assets leads to higher real interest rates, which is naturally something we definitely need to avoid, I would say, from sovereign public issues. The second thing is the sharp increase of prices at the opposite. That could lead to situations we currently face, I would say, in countries like South Africa, Lebanon, Argentina, Venezuela, and I even saw on TV yesterday, or the day before yesterday, I think the innovation of their Prime Minister of France, who was trying to convince the French population that there wouldn't be any research in the gas, in the gas prices. Because from a social standpoint, these are things one should as much as possible try to avoid. If I had a magical stick, I would tell you that the good compromise here is naturally a little bit of inflation. The word can afford it. We currently stand at less than 3%. The word can afford a little bit of inflation. That would lead to less painful or let me rephrase it, that would lead to painless debt repayment. And we believe that the current tensions we have on prices, the current tensions we currently face, are non-recurrent. We believe that they are transitional. And it marks the inadequate equation between supply and demand. The supply chain is, as we speak, the supply chain is destabilized, and we believe that the situation is temporary. The surge of economic growth we face is fueled by a strong demand, and the subsequent inflation is also laid by this demand. The second element I would like to point out to emphasize here today in front of you is how to, in this context, how to pay down public debt without slowing down economic growth and provoke a crisis of confidence. The debt right off can be a very seductive debate, and we have had this debate recently, can be very seductive. We don't believe that it is the ultimate situation, the ultimate solution. We believe that we should explore a little bit more the, and that's the trend actually, from the international community. First, there are a number of solutions starting by innovating the debt service. The second solution, and we could elaborate on all this, but the second one should be to provide concessional funding, long-term with lower sensitivity to government budgets. These are solutions, and the funds are there, and we'll come back to this later on. The third one, as an illustration, and Mr. Prime Minister, you have mentioned, that you have rightly mentioned this question of the SDR. There's a natural definition of the SDR, which is, I would say, and I'm speaking in front of, from a governor of the Bon de France and president of the ECB, with a lot of respect, but there's this definition, classical definition of the SDR as a monetary solution, but there is also, and this is what we've been pushing for, a financial definition of the SDR, which means how do we support, how do we support the, mostly the emerging countries, how do we support them? Post-pandemic, the real rule when it comes to solving this kind of issue is to consider that, at any point in time, cash is king, liquidity is king, and cash being king, we believe that what's been put in place recently, value 23rd of August by the IMF, it is a very good solution. It is a very good solution, and we believe that that would give means and means to emerging countries to face non-governmental, non-budget issues, non-budget funding, but immediately to inject within the system this liquidity as Dior has been converted. From public sovereign issues, there are a number of solutions, I've partially mentioned it, inflation can help alleviate debt, smoothly, partially, and again, the world can afford a little bit of inflation in a context of high economic rules. One other solution from the public sovereign issues could be the setting up of budget consolidation policies in the context of the risk of social potential social tensions. Again, South Africa, as from that perspective, can from that perspective be an illustration. One other solution is debt reprofiling to benefit from the current low, very low interest rates environment, as we know that interest rates are negative today. It is a huge unique opportunity. The last thing I would like to highlight here is debt restructuring. Debt restructuring shows to restore the sustainability of public debt and avoid repayment default. One key element again here is at any point in time, and this is my regular speech to different governments and the ministers of finance are regularly made is to avoid repayment default. Let's discuss reprofiling. Let's discuss restructuring. At any point in time, we should avoid repayment default. Mr Prime Minister, your very last question. Yes, we believe indeed in the market on the basis that, and this was my first observation when I moved from two private capital market sector to public, to deal with public issues now, the development banks, and notably in Africa, are way, way, way, read my lips. They are way, undercapitalized. So that's why, and that's what you have mentioned, we are kind of a road showing in order to double our tier one capital in order to raise debt in the market. And we strongly believe that there are huge opportunities in the market. The market has strong pockets, strong liquidity pockets, pockets for a number of reasons, aging of population over, over, over savings in a number of places in the world, notably in Asia, Japan, etc., etc. Now, in a region where the economic growth is still very vivid, and I do agree with a minister, in 2020 now region, the economic growth was, in spite of the pandemic, was positive, 0.9, which was one of the rare, rare, few rare regions in the world. Because of a number of reasons, the median year, the median age, sorry, in the region is 20 years old, 20 years old, which is huge opportunity to sustain this growth and also the threats. If we don't have the governments in general, do not, don't know how to deal with this. And our job as development is precisely to capture this energy and to wrap it so as to offer it to investors in the market. Basically, there are five criterias we working on. There are five criterias the market is expecting from us. The first one is yield. What is the return on assets? First thing. The second thing is the rating. Beowaday is one of the best-rated organization in the region or in Africa. We are BAA1. So, investment grade, bit of investment grade, eligible to a number of investors. Governance. Investors are looking more than ever to understand what's the organization, what are the process, et cetera, et cetera. That's why we have launched, as you have rightly mentioned, the sustainability bond that's been a very high success earlier this year. Everything was on the table. The trustability of the funds is something that we've been putting on the table. Impact. What is the impact of the funding? What is the impact of the means we are currently getting into the market? Trustability, I've mentioned it, and the very last thing, it's a little bit technical. It's everything related to formats. A number of investors are willing to invest in an SPV. We have to provide the SPV. Others would be willing to either go through a loan or a bonds, structure deposits, a swap whatsoever. This is about flexibility, this capacity to adapt ourselves to the market, but the pockets, investment pockets are very deep. That would be awful, Mr Prime Minister. Thank you. Thank you very much. It was very comprehensive and in a sense very optimistic because you have a toolkit for managing the increase in debt, which is quite impressive. You are a bit, how to say that, willing to see a bit of more inflation without fear. Sometimes to be dangerous in that sort of situation. We can afford, you said it's affordable. It's affordable with a magic stick. Yeah, and for maybe a short while, but it was very important that you emphasize the fact that our value chains are totally disturbed for the time being. The jury is a bit out to see if this inflation is there to last, or is essentially a sort of accidental effect of supply chains disturbed by the strength of the recession and the strength of the recovery as a contrast. Thank you very much for all of those elements.