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Economic Report on Africa 2008

Africa and the Monterrey Consensus - Tracking Performance and Progress

image of Economic Report on Africa 2008

Economic Report on Africa (ERA) is the key instrument through which African economic performance is tracked and assessed by the United Nations Economic Commission for Africa (ECA) and the African Union Commission (AUC). One of the main goals of the ERA is to identify policy challenges that countries face on the continent and to suggest practical solutions. ERA 2008 assesses progress in terms of meeting international commitments to Africa in the six core areas of the Monterrey Consensus: mobilizing domestic financial resources for development; mobilizing international resources for development; promoting international trade as an engine of development; increasing international financial and technical cooperation for development; external debt relief and sustainability; and addressing systemic issues.

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Assessing progress in meeting the goals of the Monterrey consensus

The Monterrey Consensus adopted by Heads of State and Government in March 2002 has emerged as the key framework for discussions on development finance by both developed and developing countries. In Africa, the adoption of the Consensus was seen as an important step in scaling up efforts to mobilize domestic and external resources for growth and poverty reduction.

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