Statement by Ambassador Vijay S. Makhan assistant secretary-general OAU/ African Economic Community: at the Opening of the thirty-third session of the UN economic Commission for africa- twenty-fourth meeting of the conference of ministers-seventh session of African ministers of finance

Abstract

Statement by Ambassador Vijay S. Makhan Assistant Secretary-General OAU/ African Economic Community at the Opening of the Thirty-third Session of the UN Economic Commission for Africa/ Twenty-fourth Meeting of the Conference of Ministers/Seventh Session of African Ministers of Finance. Ambassador Makhan, on his remarks highlighted that, investment in the human resource base; the build-up of physical infrastructure; and the maintenance of institutions of governance that are responsive and accountable with policy-making and implementation capacity. the policy environment in most African countries had generally become very favorable for foreign aid to be used to intensify policy reforms and direct efforts towards addressing the human, institutional, infrastructure and other structural constraints. The implementation of economic reform programmes continues to improve national resource and factor allocation in our economies. The financial flows required to support the improved conditions for strong growth have not been forthcoming. The magnitude of financial resources required for Africa's socio-economic transformation and sustained development are far beyond the capacity of our economies to generate.