Facilitated by the African Union Commission (AUC), the two-day coordination meeting with the International Monetary Fund (IMF) and the World Bank (WB) which took place from 24 -25 October 2024 in Washington DC, brought together key stakeholders including the IMF Africa Executive Directors and the Alliance of African Multilateral Financial Institutions. They brainstormed on key policy issues for Africa's collective aspirations under Agenda 2063.
According to the organisers, the objective of the meeting was to ensure that the African multilateral financial institutions play their rightful role in financing Africa's inclusive growth and sustainable development, among others. The meeting underscored the critical importance of the creation of the African Credit Rating Agency (ACRA) and the Continental Credit Rating Agency (CCRA) with the view to build financial sovereignty and empower African countries.
The AUC delegation at the coordination meeting was led by H.E Amb. Albert M. Muchanga, Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, assisted by H.E Amb. Hilda Suka Mafudze, Permanent Representative of the African Union (AU) to the United State of America (USA).
Speaking at the debrief meeting on the UN Framework Convention on International Tax Cooperation and Implications for developing countries held at the AU Permanent Representative Mission to the USA in Washington DC, Amb. Mafudze stated that the meeting mostly dwells on the adoption of the UN Framework Convention on International Tax Cooperation, which aims to establish a fair and transparent international tax system. She also said, the meeting encourages active participation from all participants to create a robust framework for sustainable development across Africa. “It emphasizes the need to align tax policies with Africa's Agenda 2063 and the 2030 Agenda for Sustainable Development, ensuring tax cooperation contributes to economic growth and social and environmental goals. Key themes include fair taxing rights allocation, addressing illicit financial flows, and mobilizing support for the UN Tax Convention”. Noted the Permanent Representative to the USA.
With regard to the Central Bank Governors meeting on the Consideration of the Revised Draft Statute of the African Monetary held on 25 October 2024 at the AU Permanent Representation to the USA in Washington DC, Amb. Mafudze in her welcome remarks on behalf of the African Union expressed gratitude to the Central Bank Governors and representatives, for their commitment to economic and financial integration. She said, the meeting marks a significant milestone in the establishment of the African Monetary Institute, a key step towards a single African currency. She explained that the goal is to strengthen economic stability, enhance trade, and improve living standards. Adding that, the finalization of the revised draft statute is crucial for the institution's operation and governance.
