Financing for development in a crisis: the interconnectedness of debt, trade, investments and illicit financial flows
On Friday, 04 February 2022, TrustAfrica’s Programs Director, Briggs Bomba is giving a keynote at the side session during the Africa Union (AU) Summit themed ‘Building resilience in nutri on on the African con nent: Accelerate the human capital, social and economic development. The side session is hosted by The Stop the Bleeding (STB) Campaign. The session is themed “Reaﬃrming the People’s Demand for a Pan African Agenda on Finance and Development.” While COVID-19 has made the need for global solutions to global challenges more urgent, the Global North has half-heartedly supported eﬀorts to enhance equitable access to vaccines. Likewise, opportunities to address the long-standing challenges of harmful tax competition on fuelling corporate tax avoidance, systemic gender inequality, sustainable debt ﬁnancing, and addressing climate change have failed to prioritize the Global South. Last year, through its consortium members, the Stop the Bleeding Campaign made impassioned demands on global minimum tax reforms and sustainable debt management. Notably, the AU Special Envoys recommended that AU develop a common African position for the reform of the international ﬁnancial architecture and advocate for this objective. Some of the critical highlights of AU Special Envoys included implementing the recommendations of the Addis Ababa Action Agenda on debt sustainability and improving domestic resource mobilization to support Africa’s development ﬁnancing by upscaling eﬀorts to curb illicit ﬁnancial ﬂows and enhance revenue collection by strengthening tax administrations.