Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    SCZONE showcases investment opportunities to eight Japanese companies    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



CBE's governor calls for recovery of Africa' smuggled funds
Amer, Lagarde co-chaired African Consultative Group meeting in Bali
Published in Daily News Egypt on 16 - 10 - 2018

Tarek Amer, Egyptian Central Bank's (CBE) governor called for the recovery of Africa' smuggled funds which were illegally transferred abroad, during his participation at the G24 meeting on the sidelines of the IMF's and WB's annual meetings in Bali, Indonesia, adding, "Where are our fortunes? how can we develop our countries while our money is leaking outside, our resources are depleted, and we are exerting huge efforts to develop our countries?"
A CBE Tuesday statement said that Amer and Christine Lagarde, managing director of the IMF, co-chaired the African Consultative Group meeting in the course of the annual meetings.
"Our final goal is to boost the economic growth and narrow the income gap between citizens in our African countries and citizens in the progressed countries as well as achieving equality regarding getting the same opportunities in health, education, and finance," said Amer.
Furthermore, Amer expressed his appreciation for the international efforts that aim to push the African development's schedule forward, which was obvious in the inauguration speech at the UNGA in September that shed light on the urgent need for finance in Africa.
"African countries look forward to more finance from the IMF," said Amer, adding, “the current funds are not always sufficient for African needs."
"I would like to add the issue that raised by the governors of the African Caucus's central banks governors in Sharm El-Sheikh last September, which are strengthening the IMF's efforts towards withdrawing correspondent relationships with banks, and addressing illegal financial flows to ensure the return of lost assets," remarked Amer.


Clic here to read the story from its source.