����AV

Experts endorse financing for development document

Addis Ababa, 28 March 2015 (ECA-AUC) – Experts have endorsed the ‘Financing for Development – Africa’s perspectives’ document and have called upon African negotiators to use the outcomes of the regional consultations as inputs in negotiating the outcome document of the third International Conference on Financing for Development.

This was contained in the draft report of the Committee of Experts of the Eighth Joint annual meetings of the African Union Specialised Technical Committee of Finance, Monetary Affairs, Economic Planning and Integration and the Economic Commission for Africa Conference of African Ministers of Finance, Planning and Economic Development meeting held in Addis Ababa from 25-27 March.

The Experts also called upon the African Union, Economic Commission for Africa, Africa Development Bank and the United Nations Development Programme “to consolidate the principles contained in the document financing for development: Africa’s perspectives into a common African position on financing for development” read part of the draft report.

For more information,

African development needs a suitable finance system

Addis Ababa, 24 March 2015 (ECA-AUC) – Speaking at the opening of the Regional Consultation towards the Third International Conference of Financing for Development held in Addis Ababa on 23 March 2015, Mr Abraham Tekeste, Ethiopia’s State Minister of Finance and Economic Development stated that for Africa “it’s possible to grow sustainably with the right financial system”.

The race is on to define policies, priorities and strategies for development and its financing before the September 2015 summit on Sustainable Development Goals (SDGs). In devising strategies for financing development, Mr Tekeste highlighted the “importance of domestic resource mobilisation” of people and financial resources. The continent has large financial needs and fortunately the resources are available but are not allocated where needed, according to Mr Tekeste.

Mr Tekeste believes recipients should define priorities for aid and development and he urged African countries to take advantage of the spirit of discussion to find a suitable financial system to ensure sustainable development.

For more information,

People first, demand African CSOs at financing for development consultation

Addis Ababa, 24 March 2015 (ECA-AUC) – If African development and economic transformation are to succeed, international financial institutions (IFIs) and domestic policies must reform, stated African Civil Society Organisations at the Regional Consultation towards the Third International Conference of Financing for Development held in at the Economic Commission for Africa in Addis Ababa on 24 March 2015.

African countries ought to find reliable sustainable sources of financing development where the focus is on people’s development first, stated CSOs during discussions on priorities and financing for development. The CSOs reiterated their commitment to standing together with governments on post-2015 goals where development is concerned. They, like governments, want to put people, especially the marginalised such as the poor, women and children, at the centre of the discourse on financing for development.

One of the suggestions for domestic sustainable financial sources is for Africa to focus on tax collection as a reliable way to finance development. Since governments can use tax to fight inequality, CSOs encourage them to expand their tax base to fund development projects.

Civil society representatives and other delegates from government, inter-governmental agencies, financial institutions, academia and think tanks, however underlined the thorny issue of illicit financial flows such as tax evasion as evidence for a need for transformation in the global financial industry as well. Africa loses substantial economic resources because of IFFs hence the CSOs identified the necessity for more accountability and transformation in the dealings with international financial institutions.

For more information,

Source: UN Economic Commission for Africa