 I've learned a lot from the sessions that we have just concluded, and there are three emerging macroeconomic issues that I would like to focus on, partly informed by that discussion and partly colored by my immediate past responsibility as a central bank governor. So I think the first issue is some worries about what's going to happen to aggregate demand in supporting growth, global growth, as the share of labor is declining, and we heard that from Kaushik today. As labor-saving technology and innovation is becoming very dominant, and also as inequality in sometimes within countries is also rising. We are used to taking for granted that as long as we supply demand will be there, and demand is intermediated through what labor receives because robots don't eat, robots don't wear clothes, it's only humans, and once they receive income, that's the way they also become part and parcel of making sure that what is supplied is also demanded. Now there was a very strong call for redistribution as a way of making sure that aggregate demand is still keeping pace with the growth in productivity and the growth in output. Now from a caldorian sense, we have always thought, you know, higher savings and investment is always good for growth. That always assumed that demand is not an issue, or at least it would have assumed the sales law which is supply creates its own demand, but we know that from the processes that we are experiencing now regarding inequality and labor share decline that could be an issue. Now it is important, a large part of the global value chain developments that brought Asian miracles did not just benefit the Asians, it also benefited a number of our countries including the commodity boom because we do feed into that production process and it is only in looking at that interlinkage on a global scale that that concern for demand is as important for China as it is for Tanzania. And I'm pleased also to note from the discussions we had that even the IMF now has also come to terms with the fact that in fact two major findings which really grabbed me say that lower net inequality drives faster and more durable growth. That's the finding they shared with us here and that the combined direct and indirect effects of redistribution are pro-growth. And with that institution which seemed to be distant in relation to all the conversation that was happening elsewhere coming that close it gives me hope that redistribution will actually get back to being a major issue and it is as we know the UN SDGs as well as Africa 2063 have all focused on inclusion as an important means to development not just as an end. Number two is the challenges we're facing now with the end of QE. And first of course is this exodus of capital as it returns to higher rates both in US and in Europe and it also goes back to safety. Of course developing countries still present a good if you want destination in terms of returns but certainly the end of QE has put a major challenge and we are now forced to do fiscal consolidation and we are doing that sometimes prematurely. And of course we are facing the challenges of debt sustainability and I wanted to focus particularly on the issues that relate to debt sustainability. First it is true that during the time when everybody was enjoying quantitative easing it wasn't just the developed countries as they were adjusting to the global financial crisis. We also took part in it as developing countries because credit was quite low cost. We borrowed but this time we are borrowing short in terms of maturity and pretty high cost which presents its own set of problems. With the advent of the QE the first challenge is that rolling over this debt now has become much more expensive. We borrowed typically when it was five six seven percent as we roll over now when they mature fairly quickly we are doing it at eight nine percent and for some countries this is already proving way beyond whatever that they can manage. I hear of countries that are already having their airports their railways at ransom because the contracts for those debts typically had put these as collateral and this is quite serious. It's the type of issue now that I don't have to take care of central banking again that I've avoided now but my colleagues some of them are here I think they have got to deal with that particular problem. Not only is there all over cost rising also there are bullet payments that need to be made and very often nobody has thought about putting a sinking fund in advance so that they can actually handle those bullet payments but it is now advisable that everybody looks at the profile in relation to when that debt falls due. A related problem is what we call as maturity mismatch. A good number of our major projects that are funded with short-term credit are actually still under construction when you actually have to start to repayment. So you don't have a revenue stream flowing from the investment and yet you have to look for sources now grabbing from other possible sources in order to be able to cover that repayment. This is a solvency challenge and it is an important challenge that again we need to address and the last characteristic of this debt profile now is what we call as currency mismatch. We have gone very big in terms of investment in infrastructure. These are non-tradables. They don't directly yield foreign exchange but they're funded with borrowed funds that have to be serviced in foreign exchange. So there is also a liquidity challenge that countries have got to deal with. Now I thought of highlighting both these new aspects of the debt challenge so that it's not just whether the DSA, the debt sustainability analysis tells you you are okay. You have got to look at first the debt dynamics and it is true that for majority 17 out of the 45 countries actually have real interest rates in Africa. Have real interest rates that exceed real growth. This means you are debt to GDP ratio is certainly going on the trend of worsening. So we have got to look at that dynamics and then we have got to look at the structural characteristics of the debt both in terms of maturity and also in terms of currency. Thank you.