AFRICAN EXPERTS DISCUSSING RESOURCE MOBLIZATION, ILLICIT FINANCE FLOWS

ADDIS ABABA–African experts are meeting in Addis Ababa to discuss the mobilization of domestic financial resources, fighting corruption and illicit financial flows in line with the African Union (AU) decision to dedicate 2018 as the year to combat corruption in view of its negative impact on the continent’s development.

Opening the 2nd AU Specialized Technical Committee (STC) on Finance meeting here Thursday, AU Commissioner for Economic Affairs Professor Victor Harison said co-operation and investments of many African member countries still depended on development aid.

Rehabilitation and construction of infrastructures on the continent requirdd 130 billion to 170 billion US dollars over the next 10 years, he added.

Illicit financial flows added 50 billion USD every year and the rate of deposit is very low and the share of formal sector represents 40 per cent of the real economy.

According to Harison, case studies had been done by the technical committee and those documents would be discussed in order for the experts to come up with recommendations.

The recommendations emanating from the meeting will be submitted to Ministers of AU member countries.

Source: NAM NEWS NETWORK