African countries urged to mobilise domestic resources to meet their financial needs

Oct 16, 2014

Participants at the African Development Forum, currently being held in Marrakech, have called on African countries to mobilise domestic resources to meet their financial needs.

Participants at the African Development Forum, currently being held in Marrakech,
have
called on African countries to mobilise domestic resources to meet their financial needs.

They believe that African countries need to develop policies that broaden the tax base, raise levels of savings, and develop capital markets in order to attract more foreign direct investment, Xinhua reports.

They also called on African countries to undertake reforms to better capture resources currently untapped or poorly managed.

These include curbing illicit financial flows and creating institutional capacity to make more use of innovative sources of financing, such as public-private partnerships, sovereign wealth funds and capital from the Diaspora.

Organised in collaboration with the United Nations Economic Commission for Africa, the African Development Forum is placed under the theme: "Innovative financing for the transformation of Africa".

It brings together heads of state, African policy makers, development partners, NGOs and other experts to reflect on the future of Africa and particularly on new methods
of financing
its transformation.


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