AfDB warns weak financial systems threaten Africa’s development
NAIROBI, Kenya, Sept 16 – The African Development Bank (AfDB) has urged African governments to strengthen public financial management (PFM) systems, Kenya breaking news | Kenya news today |..
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The African Development Bank (AfDB) has cautioned that weak public financial management (PFM) systems in Africa threaten the continent's development goals. Officials emphasized the need for stronger budgeting, procurement, accounting, and reporting to ensure transparent and efficient resource use.
- The AfDB stressed that weak financial controls could undermine aspirations for Agenda 2063, the Sustainable Development Goals (SDGs), and Africa's vision for sovereignty and resilience.
- Legesse Eshetu Yimer, AfDB’s Division Manager for Financial Management, highlighted the centrality of the Public Expenditure and Financial Accountability (PEFA) framework in assessing risks and guiding reforms.
- A training session in Nairobi, Kenya, organized in partnership with the PEFA Secretariat, gathered officials and experts to review country systems and identify priority reforms.
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