By Abdi Ali
Published September 2, 2015
A summit bringing together African Finance Ministers, Central Bank Governors and representatives of the World Bank (WB) and the International Monetary Fund (IMF) in the Angolan capital, Luanda, has called for measures to be taken against illicit financial flow out of Africa to improve mobilisation of internal resources and integration of economic activities for sustainable development.
Addressing the African Caucus (AC) that was attended by 19 Ministers and 14 Governors from 40 member countries, Manuel Vicente, Vice-President of Angola who represented hi President, José Eduardo dos Santos, observed that there can be no sustainable development while there is poverty. He noted that African countries must have a more comprehensive outlook, integrating the diversification of the economy based on national and regional value chains in potential competitive sectors.
The aim of the AC, held August 27-28, 2015, was to help strengthen Africa’s relationship with international financial institutions such as the International Monetary Fund (IMF), the World Bank (WB) and the African Development Bank (AfDB), with the objective of helping mobilise support for the financial needs of the continent’s infrastructural development and industrialisation.
Among the subjects that were tackled by high level personalities connected with the New Partnership for Africa’s Development (NEPAD) were the vision for African economy, Africa’s economic transformation and diversification, the 2015 African Caucus Memorandum, and the financing of African projects connected to infrastructure.
The AC was established in 1963 with the aim of strengthening the position of the continent’s representatives—Governors—on issues relating to socio-economic development. It usually convenes ahead of the Annual Meetings of IMF and WB to discuss the Memorandum to be presented at the high-level meeting of these Bretton Woods institutions.