ECA launches new report on extractor sector management UNECAS’s Prime Minister Abdalla Hamdok and Executive Secretary of the Economic Commission for Africa (ECA) Vera Songwe on Friday launched a new publication proposing action to be taken to stop illegal finances Flow leaks before leaving the shores of Africa. Read more “

ADDIS ABBEA – Sudan’s Prime Minister Abdalla Hamdok and the Secretary-General of the Economic Commission for Africa (ECA), Vera Songwe, launched a new publication on Friday proposing that action be taken to curb the illegal financial leaks. to stop currents before leaving the country shores.

The report notes that once the resources leave Africa, a complex process involves a complex process, which often requires capacity in African countries. Furthermore, the rapid and comfortable loss across national borders easily transcends the national lines of defense in Africa. The trend, the report says, must be stopped.

The report, entitled; Institutional architecture to address invalid financial flows from Africa was unveiled at a high-table roundtable convened by UN Deputy Secretary-General Amina Mohammed on the theme: Extractive Industries as an Engine for Sustainable Development: The Case of Africa.

The analysis builds on efforts by the African Union, the Economic Commission for Africa, academia and civil society to stem the $ 50 billion a year outflow, a conservative estimate made in the 2015 High Level Panel Report. on IFFs, led by President Thabo Mbeki. The loss, the report says, is three-quarters of the estimated $ 66 billion a year health funding gap for Africa to make significant progress with SDG 3 in terms of good health and well-being.

“As Sudan, we welcome the report and call for collective action to promote good governance in our extraction sector. The sector is important and can go a long way in helping countries mobilize resources to fund sustainable development on our continent,” he said. Hamdok said. .

“Sudan is in a new phase of reorganization and the challenges for the extraction are not lost on the transitional government. I invite governments to consider the recommendations in this report,” he added.

Songwe in turn said that ECA is ready to continue working with member states to make policy recommendations that can help curb illegal financial flows in all their forms from the continent.

Mohammed said that Africa’s withdrawing industries, if properly utilized, could be a way to reach the SDGs and Agenda 2063 of the African Union, the Africa we want.

‘The continent must ask itself – in a post COVID-19 world how extracts can create clean and gender-responsive work; how can countries carry out a green energy transition and use extracts to drive us to a low-emission and resilient future … enable good governance and benefit local communities, ‘she stressed.

The online high-level round table was convened to discuss current and emerging trends in the extractive industries sector, focusing on Africa to determine how extractive industries can be a catalyst for sustainable development, in line with the Sustainable Development Goals and the Paris Agreement on Climate Change. alter.

The event attracted high-level participants, including the chairman of the African Union, Mr. Moussa Faki, ministers, experts from the private sector, academia and think tanks and representatives and organizations in civil society.

Participants discussed emerging trends in the context of the COVID-19 pandemic and implications for the future of the industry; combating illegal financial flows and how to further improve tax systems, governance and transparency in the sector; and measures needed to align withdrawing industries with the objectives of sustainable development, in particular on gender and climate change.

Download the report:

https://www.uneca.org/publications/institutional-architecture-address-illicit-financial-flows-africa

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