{"id":50221,"date":"2023-10-03T20:02:35","date_gmt":"2023-10-03T20:02:35","guid":{"rendered":"https:\/\/www.africa-press.net\/malawi\/all-news\/african-ministers-call-for-new-financing-for-continents-development-agenda"},"modified":"2023-10-03T20:27:56","modified_gmt":"2023-10-03T20:27:56","slug":"african-ministers-call-for-new-financing-for-continents-development-agenda","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/malawi\/all-news\/african-ministers-call-for-new-financing-for-continents-development-agenda","title":{"rendered":"African ministers call for new financing for continent\u2019s development agenda"},"content":{"rendered":"

Africa-Press – Malawi. <\/strong><\/span>African ministers and officials of the African Union called for new sources of financing on Monday to supplement member states\u2019 contributions towards the continent\u2019s long-term development activities.<\/p>\n

They spoke at discussions on financing of the African Union\u2019s Agenda 2063 and its flagship projects during a retreat of the African Union Executive Council in Rwanda\u2019s capital Kigali.<\/p>\n

The three-day ministerial retreat was convened to discuss the second 10-year plan of Agenda 2063 spanning from 2024 to 2033.<\/p>\n

\u201cIn order to achieve the progress we want, we must ensure we have the resources necessary to implement the programs of our agenda. The matters of resource mobilization and effective deployment of resources are key,\u201d said Naledi Pandor, South Africa\u2019s international relations and cooperation minister.<\/p>\n

Noting that financing has proven to be challenging, Pandor called for an effective domestic resource mobilization strategy and better utilization of the private sector, since it holds massive capital.<\/p>\n

\u201cWe should attempt as members of the African Union to fund the operational budget of the Union fully and progressively move toward attaining 75% for the program budget and 25% on peace support operations,\u201d she said.<\/p>\n

The key barriers to financing of the continental agenda in the first 10 years of implementation highlighted include illicit financial flows, high debt levels and inefficiency of tax administrations to collect adequate revenue resources, according to officials.<\/p>\n

\u201cThe high cost of debt servicing is a negative for the continent, and we need to look at ways of reducing the high levels of debt,\u201d said Pandor.<\/p>\n

In 2015, the International Monetary Fund (IMF) indicated that eight countries in sub-Saharan Africa were in debt distress or at high risk of debt before Zambia defaulted in 2020.<\/p>\n

The IMF list has since grown to 23 countries. African governments owe money to rich countries and multilateral banks and bondholders.<\/p>\n

\u201cWe believe that implementing Agenda 2063 requires us to set up an effective financing framework which must ensure predictability of resources and effective public partnerships with the private sector,\u201d Pandor said.<\/p>\n

Albert Muchanga, the African Union\u2019s commissioner for economic development, said one of the key elements to increase domestic financing is to promote rapid economic growth by coming up with key actions to achieve inclusive economic growth and cutting wasteful tax incentives.<\/p>\n

Africa loses $88.6 billion in illicit financial flows annually equivalent to 3.7% of the continent\u2019s gross domestic product, according to the 2020 report of the UN Conference on Trade and Development (UNCTAD).<\/p>\n

The Africa Union\u2019s Agenda 2063 was adopted by the African Union Assembly in 2015.<\/p>\n

The agenda envisages a continent where every nation will have attained middle-income status, be more integrated and connected, able to resolve conflicts amicably and with more empowered and productive citizens as well as a strong Africa acting as an influential global player. \u200b\u200b\u200b\u200b\u200b\u200b\u200b<\/p>\n

For More News And Analysis About Malawi<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Malawi. African ministers and officials of the African Union called for new sources of financing on Monday to supplement member states\u2019 contributions towards the continent\u2019s long-term development activities. They spoke at discussions on financing of the African Union\u2019s Agenda 2063 and its flagship projects during a retreat of the African Union Executive Council […]<\/p>\n","protected":false},"author":84,"featured_media":50220,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[367,233,371,481,7035,532,234,7037,7036],"class_list":["post-50221","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-africa","tag-africa-press","tag-africa-press-malawi","tag-african-union","tag-agenda-2063","tag-development-agenda","tag-malawi","tag-naledi-pandor","tag-retreat"],"yoast_head":"\nAfrican ministers call for new financing for continent\u2019s development agenda - Malawi<\/title>\n<meta name=\"description\" content=\"African ministers and officials of the African Union called for new sources of financing on Monday to supplement member ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/malawi\/all-news\/african-ministers-call-for-new-financing-for-continents-development-agenda\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"African ministers call for new financing for continent\u2019s development agenda\" \/>\n<meta property=\"og:description\" content=\"African ministers and officials of the African Union called for new sources of financing on Monday to supplement member ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/malawi\/all-news\/african-ministers-call-for-new-financing-for-continents-development-agenda\" \/>\n<meta property=\"og:site_name\" content=\"Malawi\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-03T20:02:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-03T20:27:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2023\/10\/sm_1696352182.27669.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"864\" \/>\n\t<meta property=\"og:image:height\" content=\"486\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/african-ministers-call-for-new-financing-for-continents-development-agenda#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/african-ministers-call-for-new-financing-for-continents-development-agenda\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"African ministers call for new financing for continent\u2019s development agenda\",\"datePublished\":\"2023-10-03T20:02:35+00:00\",\"dateModified\":\"2023-10-03T20:27:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/african-ministers-call-for-new-financing-for-continents-development-agenda\"},\"wordCount\":475,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/african-ministers-call-for-new-financing-for-continents-development-agenda#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2023\/10\/sm_1696352182.27669.jpg\",\"keywords\":[\"Africa\",\"Africa Press\",\"Africa Press-Malawi\",\"african union\",\"Agenda 2063\",\"development agenda\",\"Malawi\",\"Naledi Pandor\",\"retreat\"],\"articleSection\":[\"all news\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/malawi\/all-news\/african-ministers-call-for-new-financing-for-continents-development-agenda#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/african-ministers-call-for-new-financing-for-continents-development-agenda\",\"url\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/african-ministers-call-for-new-financing-for-continents-development-agenda\",\"name\":\"African ministers call for new financing for continent\u2019s development agenda - Malawi\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/african-ministers-call-for-new-financing-for-continents-development-agenda#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/african-ministers-call-for-new-financing-for-continents-development-agenda#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2023\/10\/sm_1696352182.27669.jpg\",\"datePublished\":\"2023-10-03T20:02:35+00:00\",\"dateModified\":\"2023-10-03T20:27:56+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"African ministers and officials of the African Union called for new sources of financing on Monday to supplement member ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/african-ministers-call-for-new-financing-for-continents-development-agenda#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/malawi\/all-news\/african-ministers-call-for-new-financing-for-continents-development-agenda\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/african-ministers-call-for-new-financing-for-continents-development-agenda#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2023\/10\/sm_1696352182.27669.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2023\/10\/sm_1696352182.27669.jpg\",\"width\":864,\"height\":486,\"caption\":\"African ministers call for new financing for continent\u2019s development agenda\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/african-ministers-call-for-new-financing-for-continents-development-agenda#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/malawi\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"African ministers call for new financing for continent\u2019s development agenda\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#website\",\"url\":\"https:\/\/www.africa-press.net\/malawi\/\",\"name\":\"Malawi\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/malawi\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"caption\":\"cfeditoren\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"African ministers call for new financing for continent\u2019s development agenda - Malawi","description":"African ministers and officials of the African Union called for new sources of financing on Monday to supplement member ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/malawi\/all-news\/african-ministers-call-for-new-financing-for-continents-development-agenda","og_locale":"en_US","og_type":"article","og_title":"African ministers call for new financing for continent\u2019s development agenda","og_description":"African ministers and officials of the African Union called for new sources of financing on Monday to supplement member ...","og_url":"https:\/\/www.africa-press.net\/malawi\/all-news\/african-ministers-call-for-new-financing-for-continents-development-agenda","og_site_name":"Malawi","article_publisher":"https:\/\/www.facebook.com\/AfricaPressTunisiaa","article_published_time":"2023-10-03T20:02:35+00:00","article_modified_time":"2023-10-03T20:27:56+00:00","og_image":[{"width":864,"height":486,"url":"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2023\/10\/sm_1696352182.27669.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/african-ministers-call-for-new-financing-for-continents-development-agenda#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/african-ministers-call-for-new-financing-for-continents-development-agenda"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"African ministers call for new financing for continent\u2019s development agenda","datePublished":"2023-10-03T20:02:35+00:00","dateModified":"2023-10-03T20:27:56+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/african-ministers-call-for-new-financing-for-continents-development-agenda"},"wordCount":475,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/african-ministers-call-for-new-financing-for-continents-development-agenda#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2023\/10\/sm_1696352182.27669.jpg","keywords":["Africa","Africa Press","Africa Press-Malawi","african union","Agenda 2063","development agenda","Malawi","Naledi Pandor","retreat"],"articleSection":["all news","policy"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/malawi\/all-news\/african-ministers-call-for-new-financing-for-continents-development-agenda#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/african-ministers-call-for-new-financing-for-continents-development-agenda","url":"https:\/\/www.africa-press.net\/malawi\/all-news\/african-ministers-call-for-new-financing-for-continents-development-agenda","name":"African ministers call for new financing for continent\u2019s development agenda - Malawi","isPartOf":{"@id":"https:\/\/www.africa-press.net\/malawi\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/african-ministers-call-for-new-financing-for-continents-development-agenda#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/african-ministers-call-for-new-financing-for-continents-development-agenda#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2023\/10\/sm_1696352182.27669.jpg","datePublished":"2023-10-03T20:02:35+00:00","dateModified":"2023-10-03T20:27:56+00:00","author":{"@id":"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"African ministers and officials of the African Union called for new sources of financing on Monday to supplement member ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/african-ministers-call-for-new-financing-for-continents-development-agenda#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/malawi\/all-news\/african-ministers-call-for-new-financing-for-continents-development-agenda"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/african-ministers-call-for-new-financing-for-continents-development-agenda#primaryimage","url":"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2023\/10\/sm_1696352182.27669.jpg","contentUrl":"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2023\/10\/sm_1696352182.27669.jpg","width":864,"height":486,"caption":"African ministers call for new financing for continent\u2019s development agenda"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/african-ministers-call-for-new-financing-for-continents-development-agenda#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/malawi\/"},{"@type":"ListItem","position":2,"name":"African ministers call for new financing for continent\u2019s development agenda"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/malawi\/#website","url":"https:\/\/www.africa-press.net\/malawi\/","name":"Malawi","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/malawi\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","caption":"cfeditoren"}}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/posts\/50221","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/comments?post=50221"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/posts\/50221\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/media\/50220"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/media?parent=50221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/categories?post=50221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/tags?post=50221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}