This is due in particular to the efforts made by the government, under the leadership of HM King Mohammed VI, to further improve the degree of compliance with international standards and FATF norms and recommendations, stressed Umar-Sadiq, in an interview granted to MAP on the sidelines of the 1st edition of the “Bloomberg New Economy Gateway Africa” conference.
Referring to the main measures that need to be put in place to succeed in the challenge of reducing Africa’s debt burden, Umar-Sadiq stressed the importance of adopting a “creative approach” in tackling this problem.
African governments need to optimize their tax revenues, strengthen their social contract with citizens and build a business-friendly environment.
They also need to find appropriate ways of tapping long-term capital denominated in local currency, particularly for infrastructure financing, he added, highlighting the imperative of ensuring better processing of raw materials and resources, in order to be able to sell higher value-added products on a global scale.
