28 January 2020 09:38 AM

Finance Minister: Unifying African efforts to maximize utilization of continental wealth

Saturday، 07 December 2019 - 01:07 PM

Finance Minister Mohamed Maait stressed the importance of unifying African efforts to maximize the utilization of continental wealth in order to gradually achieve self-sufficiency in African states.

Speaking at the opening session of the Committee of Fifteen Ministers of Finance (F15) Meeting in the Red Sea resort of Sharm el Sheikh, the minister asserted Egypt's keenness on promoting economic integration in Africa as the main pillar for maximizing African capabilities and shoring up development efforts in a way that meets the aspirations of the brotherly peoples.

The purpose of the meeting is to review the work and contribution of the F15 vis-à-vis the mandates stipulated in the various Executive and Assembly decisions of the African Union.

The meeting also takes stock of achievements, challenges and lessons learnt with a view to improving the F15’s internal operations and external engagements with key stakeholders, all in the broader context of the financing of the Union initiative.

The Committee of Fifteen Ministers of Finance, referred to as the F15, was first convened in September 2016 in Addis Ababa, Ethiopia.

The Committee is mandated to participate in the preparation of the AU Annual Budget and provide oversight in its implementation; participate in the development and administration of the AU scale of assessment for Member States contribution and related sanctions regime; provide an oversight role on the AU Reserve Fund, participate in audit matters; and provide general guidance on the implementation of Executive and Assembly Decisions on Financing of the Union.

MENA

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