Draft report: Nineteenth Meeting of the Technical Preparatory Committee of the Whole/ seventh Intergovernmental Group of Experts

Abstract

The theme of this year's biennial session "The Challenges of Financing Development in Africa" was one of the critical issues that needed to be continuously reviewed and addressed if African countries had to sustain the implementation of their respective development programs. Noting that Africa's development indicators had steadily improved since 1995, this was made possible by African governments' resolve to create a stable macroeconomic environment and structural adjustment for growth and development. However, it cautioned against too much optimism, for weaknesses had been observed in a number of countries in 1998. many challenges laid ahead of African countries in their quest of ensuring food security, health, education, infrastructural transformation and enhancing private sector development. In this context, financing development had a critically important role to play. Unfortunately, the low level of domestic savings was hampering sustained economic recovery.