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Fri Sep 30 06:54:14 SAST 2016

‘Illicit financial flows hindering African development‚’ Zuma tells UN

TMG Digital | 21 September, 2016 08:24
“Illicit financial flows deprive developing countries of the much-needed economic resources to uplift their economies in order to provide infrastructure and basic services such as education and healthcare. File photo
Image by: GCIS/ South African Government - Flickr

The continent has made “significant strides…in reversing the impact of underdevelopment and the legacies of colonialism and apartheid in Africa”‚ President Jacob Zuma told world leaders on Tuesday.

But‚ he added‚ “the successful implementation of Africa's development plans” were being threatened by “the loss of resources of the continent through illicit financial flows”.

“The Joint African Union and UN Economic Commission for Africa's High-level Panel on Illicit Financial Flows from Africa estimates that illicit flows from Africa could be about $50-billion per annum‚” Zuma told the United Nations General Assembly.

“Illicit financial flows deprive developing countries of the much-needed economic resources to uplift their economies in order to provide infrastructure and basic services such as education and healthcare.

“We urge the world at large to treat this problem with the seriousness and urgency that it deserves.”

Zuma also listed “certain constraints” that needed to be addressed “if the African Continent is to develop faster”.

These were‚ he said‚ “inadequate infrastructure‚ the high dependency on primary products‚ high exposure to commodity price volatility‚ limited investment in research and development‚ science‚ innovation and technology‚ low private sector investment as well as the need to continue improving skills”.

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