SOUTH AFRICA CONCERNED ABOUT ILLICIT FINANCIAL FLOWS

South Africa is concerned about the loss of resources of the continent through illicit financial flows, says President Jacob Zuma.

Speaking on Wednesday during the World Trade Unions Congress in Durban, Zuma said the money that is lost through illicit flows could be used to develop infrastructure and provide basic services such as education and health care.

The Joint African Union and UN Economic Commission for Africa's High-level Panel on Illicit Financial Flows from Africa estimates that illicit flows from Africa could be about 50 billion dollars per annum.

Illicit financial flows deprive developing countries of the much-needed economic resources to uplift their economies and people.

We urge the international labour movement to add its voice to the call for action to be taken to arrest this serious challenge globally, Zuma said.

Zuma said South Africa is working with labour and business to reignite growth in the economy so it can save existing jobs and create new ones.

We are working hard to boost the performance of sectors such as mining, agriculture, infrastructure and manufacturing amongst others, in order to save and create jobs, he said.

Zuma said if South can grow its economy by one percent next year, as envisaged this would create over 80 000 jobs.

Ultimately, we want to raise the level of growth to the five per cent stated in our National Development Plan in years to come, he said.

Zuma said solutions must be found the close the gap between the poor and the rich.

It is not an exaggeration to say that global inequality and economic exclusion have become a serious threat to global peace, stability and economic development. All possible solutions must be found to close the gap, he said.

Source: Nam News Network

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