SOUTHERN AFRICA BLOC AGREE ON DEEPER FINANCE, INVESTMENT INTEGRATION

PRETORIA– The Southern African Development Community (SADC) has agreed to deepen integration in the finance and investment sector when the finance ministers of the 15-nation sub-regional bloc met here this week.

With an expanding regional integration agenda, the Ministers are spearheading a process to deliver, in the medium term, additional financial resources for the region through the SADC Resource Mobilization Framework,” according to a joint statement issued after Wednesday’s meeting, chaired by South African Finance Minister Nhlanhla Nene.

In addition, having adopted the Financial Inclusion Strategy in 2016, the Ministers are now focusing on ensuring its implementation.”

The meeting further emphasized the need to develop the financial sector by, among other things, centralising the bond markets in the SADC.

The Ministers were joined by their central bank governors for the Peer Review of Macro-Economic Convergence of the Region aimed at promoting economic stability to ultimately contribute to growth and job creation.

The meeting heard how the SADC Project Preparation and Development Facility has performed well since its operationalisation in 2014, and the meeting reaffirmed its commitment to financial regional integration.

The meeting welcomed the progress made with the implementation of the SADC Integrated Regional Electronic Settlement System (SIRESS). This platform facilitates the clearance of transactions amongst SADC member states instead of using a corresponding bank.

The Ministers also emphasized the importance of harmonizing tax regimes in the region to facilitate economic growth.

The meeting heard how SADC member states must work tirelessly to maintain macro-economic stability and implement the structural reforms that will raise growth and lift people out of poverty.

South Africa is the current chair of SADC from August 2017 until August 2018.

Source: NAM NEWS NETWORK

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SOUTHERN AFRICA BLOC AGREE ON DEEPER FINANCE, INVESTMENT INTEGRATION

PRETORIA– The Southern African Development Community (SADC) has agreed to deepen integration in the finance and investment sector when the finance ministers of the 15-nation sub-regional bloc met here this week.

With an expanding regional integration agenda, the Ministers are spearheading a process to deliver, in the medium term, additional financial resources for the region through the SADC Resource Mobilization Framework,” according to a joint statement issued after Wednesday’s meeting, chaired by South African Finance Minister Nhlanhla Nene.

In addition, having adopted the Financial Inclusion Strategy in 2016, the Ministers are now focusing on ensuring its implementation.”

The meeting further emphasized the need to develop the financial sector by, among other things, centralising the bond markets in the SADC.

The Ministers were joined by their central bank governors for the Peer Review of Macro-Economic Convergence of the Region aimed at promoting economic stability to ultimately contribute to growth and job creation.

The meeting heard how the SADC Project Preparation and Development Facility has performed well since its operationalisation in 2014, and the meeting reaffirmed its commitment to financial regional integration.

The meeting welcomed the progress made with the implementation of the SADC Integrated Regional Electronic Settlement System (SIRESS). This platform facilitates the clearance of transactions amongst SADC member states instead of using a corresponding bank.

The Ministers also emphasized the importance of harmonizing tax regimes in the region to facilitate economic growth.

The meeting heard how SADC member states must work tirelessly to maintain macro-economic stability and implement the structural reforms that will raise growth and lift people out of poverty.

South Africa is the current chair of SADC from August 2017 until August 2018.

Source: NAM NEWS NETWORK

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