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African Caucus guarantees financial support
LUANDA, Angola, Capital Markets in Africa — Those taking part in the meeting of the Group of African Ministers of Finance and Governors of African Central Banks, affiliated with the IMF and the World Bank, reaffirmed their support for new funding initiatives.
Joseph Tucker of the International Monetary Fund presented the “Luanda Declaration” at the close of the African Caucus, speaking of the ways and means with which the Bretton Woods Institutions (BWIs) can support the challenges of financing for sustainable development, combating tax avoidance, eliminating the illicit flow of funds and strengthening Africa’s voice and representation in relation to the BWIs.
The Group stresses that a wealth of natural resources presents vast opportunities for development. On the other hand, they are aware that the countries that depend on oil for their export and tax revenues face unique challenges and remain highly vulnerable to the impact of various external disturbances.
The document reveals that the illicit flow of funds associated with aggressive tax avoidance, the repatriation of profits and debt repayments are tragically depriving African countries of hundreds of millions of dollars every year.
They are aware that the prospect of increasingly volatile financial markets means that it will be difficult to find resources to finance sustainable development goals (SDGs).
The document also states that Africa is concerned about the lack of well-conceived diversification strategies and that monitoring mechanisms are inadequate for Africa’s economic diversification.
The African Caucus proposes that the World Bank should support six regional transformative projects in the sectors of energy and agriculture, as well as a number of innovative solutions to reduce frequent funding gaps.
Indeed, the Group calls for financial contributions from the BWIs to the Africa50 initiative of the African Development Bank (ADB) in order to meet the challenges associated with initiating infrastructure projects.