Thursday, January 15, 2009

African Union faces financial problems

The African Union Commission is facing financial problems, commissioner for economic affairs Maxwell Mkwezalamba said on Wednesday in Addis Ababa.

The problem has become critical, needing due attention by the commission, he told African finance ministers gathering in Addis Ababa to discuss the establishment of an African Investment Bank.

"Bold decisions need to be taken if Africa is to make a significant impact in financing its own programmes and projects,” he said.

"We need to be bold and make concrete recommendations to our heads of state and government, as mandated (the summit held) in Sharm-el-Sheikh following the recommendations of the High Level Panel on the Audit of the African Union\".

Mkwezalamba went on to that it was high time that Africa took the issue of alternative funding for the African Union more seriously.

“Africa cannot continue to wait for partners to find solutions for her development problems, including mobilizing financial resources for her,\" said.

The African Union has an annual budget of over $ 150 million.

The issue of finance will be discussed at this month’s African Union summit in Addis Ababa.