2nd Session of the AU STC on Finance, Monetary Affairs, Economic Planning and Integration
12 Apr 2018
17 Apr 2018
The Commission is organizing the Second Session of the Specialized Technical Committee (STC) on Finance, Monetary Affairs, Economic Planning and Integration as per Decision Assembly/AU/Dec.227(XII), reconfiguring the Specialized Technical Committees (STCs) and Decision Assembly/AU/Dec.365(XVII) requesting the Commission to operationalize the STCs form January 2013 and to abolish sectoral Ministerial Conferences.
The First STC was held in October 2017 in Addis Ababa, Ethiopia, under the theme “Growth, employment and inequality”. The STC highlighted corruption as one of the setbacks to sustainable inclusive economic growth. The meeting noted that corruption discourages investors and increases inequalities. In this regard, efforts have to be directed toward considering the correct mix of policies, auditing national laws and enacting laws in line with the changing global context. In addition, the meeting underscored the need to address Illicit Financial Flows (IFFs). To achieve this, it was noted that there was need for improved governance and accountability for reducing the financial haemorrhage of illicit financial flows through the fight against corruption. Overall, the meeting concluded that financing Africa’s development requires a comprehensive approach that harnesses the potential of domestic resources mobilization.
In the same vein, in recognition of the negative impact that corruption has on the development of African countries, the African Union has dedicated the year 2018 to the fight against corruption. Under the theme, “Winning the Fight against Corruption: A sustainable path for Africa’s Transformation”, African Union (AU) Heads of State and Government are resolute in their willingness to fight corruption on the continent. Consequently, the theme for the second STC is “Mobilisation of domestic resources: fighting against corruption and Illicit Financial Flows”.