Addis Ababa April 12/2018 A meeting of African experts that discuss mobilization of domestic resources, fight against corruption and illicit financial flows opened here today.
It is to be recalled that the AU has dedicated the year 2018 to the fight against corruption in recognition of the negative impact corruption has on the development of African countries.
Opening the 2nd African Union (AU) Specialized Technical Committee (STC) on Finance meeting, AU Economic Affairs Commissioner Professor Victor Harison said cooperation and investments of many African member countries still depend on development aid.
Rehabilitation and construction of infrastructures on the continent require 130 -170 billion USD for the next 10 years to come, he added.
Illicit financial flows add 50 billion USD every year and the rate of deposit is very low and the share of formal sector represents 40 percent of the real economy.
According to Harison, case studies are done by the technical committee and those documents will be discussed to come up with recommendations.
The recommendations of the meeting, which is expected to last until April 14, will be submitted to ministers and member states, it was learned.