The problems in developing the Continent due to lack of resources was highlighted during the welcoming speech of the President of the African Group and Minister of Finance of Angola, Armando Manuel, at Luanda Caucus 2015, AllAfrica.com reported.

“This obliges us to look for other sources of financing including savings that can be made from restricting illicit financial flows from Africa” he noted talking to more than 19 Ministers of Finance and 14 Governors of the Central Bank at the Luanda Caucus 2015 meeting held in September.

Manuel suggested “to radically reduce these mass monetary outflows and guarantee that they are used for development in the African continent.”

David Robinson, the Vice-Director of the International Monetary Fund (IMF), and one of the speakers at the African Caucus presented the theme ‘Africa: Regional Economic Outlooks’ pointed to the following public financial measures: budget cuts in the 2015 expenditure, above all in investments, fuel subsidies reform, taxation measures, including tax rate increases, and greater exchange rate flexibility wherever possible.