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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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Foreword

We are now midway between the adoption of the MDGs and the 2015 target date and available evidence indicates that African countries will not meet the goals if current financing trends continue. Consequently, the international community has now focused attention on how to scale up financing for the continent. It has been acknowledged that the implementation of the commitments in the Monterrey Consensus is critical to achieving this objective. Thus the theme of “Africa and the Monterrey Consensus: Tracking Performance and Progress” was chosen for Economic Report on Africa 2008, which is the second report produced in collaboration between the United Nations Economic Commission for Africa and the African Union Commission.

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