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Delegates attend the closing session of the New Global Financial Compact Conference, in Paris, France, June 23. (Source: AFP) |
Developed countries should fulfill their promises to provide aid and financial support to developing countries, and these countries should also strengthen their ability to pursue their own development, Chinese Premier Li Qiang said at the closing ceremony of the Summit on the New Global Financial Compact on June 23.
In addition, Premier Li Qiang also said that the International Monetary Fund (IMF), the World Bank (WB) and other international financial institutions should implement the consensus reached by G20 leaders, complete a new round of reforms on quotas and voting rights, and strengthen the voice of emerging markets and developing countries.
On the same day, also within the framework of the above conference, African countries called for the establishment of a joint working committee with the Group of Seven (G7), central banks and civil society to prevent large sums of money from being lost from the continent each year due to illegal capital outflows.
At the closing ceremony of the conference, Ghanaian President Nana Akufo-Addo once again mentioned the views of former South African President Thabo Mbeki.
"Huge sums of money are being taken out of the continent illegally. According to a UN commission led by former South African President Thabo Mbeki, about $100 billion is being lost through illegal outflows," Mr Akufo-Addo said.
In 2013, Mr. Mbeki claimed that nearly $50 billion had been lost to money laundering, and in 2016, he said the figure had soared to nearly $100 billion.
Stemming this illicit flow and putting money to work in the world's poorest continent could dramatically reduce poverty and accelerate climate change goals.
On that basis, representing African countries, Ghanaian President Nana Akufo-Addo proposed that the G7 establish a joint working committee to monitor and find ways to stop the flow of this money laundering activity.
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