Curb illicit financial outflows: Geingob

17 Jul 2016 19:50pm
WINDHOEK, 17 JUL (NAMPA) - African countries should strengthen their tax systems to collect more revenue, President Hage Geingob said on Saturday at the Financing Retreat of African Union (AU) leaders in Kigali, Rwanda.
This, he said, will require exploring, with urgency, the need to curb illicit financial outflows as it is estimated that the total amount of illicit outflows is much higher than the total donor assistance to the African continent.
In his speech made available to Nampa, he said tax administration to improve compliance is required, as well as cooperation across borders to follow and retrieve illicit outflows.
He added that AU member states should also strengthen their financial positions by paying their contributions on time and for those that are in arrears, to clear such arrears as soon as possible.
“In terms of members’ contribution to the AU, we agree that such contribution should be based on the principles of transparency, fairness and equity,” Geingob said.
He noted that challenges remain high with regard to peacekeeping operations that are extremely expensive, however, “governance architecture should be strengthened by putting in place transparent and robust processes, systems and institutions required to prevent member states from spiralling into conflict.
“Here we are kept behind by aging infrastructure in particular, roads, rail, water and electricity,” said the Namibian leader.
The president added that problematic, aging infrastructure also prevent opportunities for cross-border infrastructure development, therefore AU member states should move away from planning to actual accelerated implementation and act with a sense of urgency.
(NAMPA)
ANS/ND/LI