The Group of African ministers of finance and governors of African Central Banks, affiliated with the International Monetary Fund (IMF) and the World Bank, reaffirmed their support for new funding initiatives at the close of the African caucus meeting in Luanda.
The African caucus meeting, which took place from August 25 to August 28, provided an avenue for member countries of the group to dwell on the prospect of increasingly volatile financial markets among other salient issues related to Africa’s economic diversification
It was disclosed in a press release distributed by the African Press Organisation (APO) that 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 stressed that countries with wealth of natural resources, are availed with vast opportunities for development while 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 African caucus proposed 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.
In order to meet the challenges associated with initiating infrastructure projects, the group also called for financial contributions from the BWIs to the Africa50 initiative of the African Development Bank (AfDB).
The Chairman of the African caucus currently held by the Angolan Minister of Finance will pass to the Beninese Minister of Finance of Benin at the next meeting of the IMF and the World Bank scheduled for 13 to 17 of October, 2015 in Lima, Peru.
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