Africa consultation towards the third international conference of Financing for Development: Chair’s summary
Introduction: The Resolution 68/279, adopted by the General Assembly of the United Nations on June 30 2014, “calls upon the regional commissions, with the support of regional development banks and other relevant entities, to hold regional consultations, as appropriate, the outcome of which could serve as input to the preparations for the third International Conference on Financing for Development”. It is in this context that the United Nations Economic Commission for Africa (ECA) and the African Union Commission (AUC) organized a Regional Consultation towards the third International Conference of Financing for Development (FfD). This consultation is a pre-event to the Eighth Joint Annual Conference of Ministers of the African Union Specialized Technical Committee on Finance, Monetary Affairs, Economic Planning and Integration and Economic Commission for Africa of African Ministers of Finance, Planning and Economic Development.
The pre-event, held on March 23 and 24 2015 is foreseen as an input to the FfD process negotiations in New York. Opening remarks were delivered by Dr. Abdalla Hamdok (Deputy Executive Secretary, ECA), Dr. Anthony Maruping (Commissioner, Economic Affairs, African Union Commission) as well as H.E Dr. Abraham Tekeste (State Minister of Finance and Economic Development, Federal Democratic Republic of Ethiopia).
Dr. Hamdok stated that it is important to:
- Channel domestic resources into productive and welfare-enhancing growth and leverage external resources so as to initiate and drive the transformation agenda.
- Retain financial resources on the African continent, notably by curbing Illicit Financial Flows (IFF).
- Focus on domestic resource mobilization as well innovative sources such as private equity and climate finance to fund sustainable development for Africa.
- Collectively articulate Africa’s priorities in FfD and make specific recommendations on the commitments by member States and partners.
Dr. Maruping stated that it is important to:
- Support the implementation of Agenda 2063 and the outcome of the Post- 2015 Development Agenda.
- Develop a structured financing mechanism for financing sustainable development.
- Prioritize an African position on FfD, based on the Common African Position (CAP) as well as Agenda 2063.
- Adopt a bottom-up approach for consultations in the region in order to promote ownership among all stakeholders.
H.E Dr. Tekeste warmly welcomed participants to the meeting and said that the Federal Democratic Republic of Ethiopia is happy to host the third international conference on FfD in July 2015. He went on to indicate that it is important to:
- Ensure responsible and quality Foreign Direct Investment (FDI), diversified trade, higher literacy rate and well-developed infrastructure as well as inclusive finance for Africa’s successful structural transformation.
- Set Africa’s agenda and priorities in order to find traction into the FfD process.
- Speak in one voice to advance the continent’s position at the third international conference on FfD and define concrete and measurable commitments that can be effectively tracked.
- Target Official Development Assistance (ODA) where it is needed the most and to secure time-bound commitments from donors as and the use of country systems.
- To jointly press for a special Africa paragraph in the coming negotiations to demonstrate that Africa is determined to grow in a sustainable way with the right FfD and partner’s support in the framework of a stable macro environment, rule of law and an enabling environment for the private sector. Although it is important to build on Monterrey and consider Doha themes, country rating criteria should be adapted to reflect global challenges and related social, economic and environmental factors. All FfD chapters should be presented with concrete measurable actions for all parties.
* Introduction to: Regional consultation towards the third international conference of Financing for Development - Chair’s summary of proceedings from the Meeting of the Committee of Experts, Addis Ababa, 25–27 March 2015.