2023-08-31 08:07:47
Representatives of eight African countries, beneficiaries of the Financial Modeling for the Extractive Sector (FIMES) project of the African Development Bank Group completed a final learning workshop on Thursday, August 24, 2023 in Abidjan. Coming from Guinea, Mali, Liberia, Madagascar, Niger, Sierra Leone, South Sudan and Zimbabwe, the participants spent two days sharing their experiences around the program launched in 2020.
FALCO VIGNON
“In Madagascar, thanks to the capacity building of modeling for the extractive sector, the mining contribution should increase from 4% to 15% of the gross domestic product, over the next three years”, underlined Rakotosalama Tojo Hasina Fanomezana, inspector Treasury at the Malagasy Ministry of Economy and Finance. He explained that the program had made it possible to train 23 administrative officials from the mining, customs and finance sectors, with the aim of improving fiscal and parafiscal policies in the extractive sector. “Satisfied, we recommend capitalizing on current achievements through exchanges of good practices and discussions around common problems with other countries,” said Mr. Fanomezana. Aboubacar Sidiki Diakité, Service Manager at the Guinean Budget Ministry, Prince Nelson, Director of the Tax Policy Division, at the Liberian Ministry of Finance and Development Planning and John David Cooper, Director of Policy and Research at the Ministry Sierra Leoneans of Mines and Mineral Resources explained how the knowledge gained through the FIMES project and put into practice has enabled the national treasuries in their respective countries to garner more tax revenue from the mining sector. In addition, they now allow players to make more informed decisions on tax regimes and to derive added value from foreign investments. In South Sudan, the project also helped create opportunities to support economic diversification, through increased non-oil investment.
The FIMES project is a multinational project funded by the African Development Bank Group’s Transition Support Facility and implemented by the African Center for Natural Resource Management and Investment. It aims to build capacity in financial modeling and domestic tax revenue mobilization. It also strengthens the institutional capacities and resilience of eight beneficiary countries in transition such as Guinea, Liberia, Mali, Madagascar, Niger, Sierra Leone, South Sudan and Zimbabwe. “The FIMES project is a major large-scale effort led by a development bank. In all countries, the lessons and experiences shared at this workshop indicate that it has supported legislative reviews in the petroleum and mining sector, sparking the production of knowledge and comprehensive data on key natural resources, leading to better investment agreements and balanced contract negotiations,” said Vanessa Ushie, Acting Director of the African Center for Natural Resource Management and Investment.
“As we enter an era of uncertainty for fossil fuels, due to climate change and the clean energy transition, it is important to build on the foundations of the FIMES project in the beneficiary countries and beyond, deepening the financial modeling capability,” Ms. Ushie said. Yero Baldeh, Director of the Transition States Coordination Office, expressed deep appreciation for the central role that the extractive industry plays in shaping the growth trajectory of transition states. “Through dedicated funding from the Targeted Support Window of the Transition Support Facility, the FIMES program strengthens these economies by addressing revenue leakages, governance challenges and institutional gaps,” he said. affirmed. He added: “Improving their financial modeling capabilities is not just about improving transparency and accountability. It is also about driving lasting impact, catalyzing private investment and creating space for wealth creation. As we close the program, we proudly celebrate its profound influence in building resilience, developing institutional legitimacy and promoting long-term stability.” The FIMES project will be completed at the end of 2023.
206 Total Views, 13 Views Today
QA August 31, 2023
#AfDB #supports #countries #mining #tax #policies