APRM Topics: Economic Governance & Management
Good economic governance including transparency in financial management is essential for promoting economic growth and reducing poverty.
When money is poorly spent, or misused it affects the delivery of public services(such as education, healthcare and housing). This thematic area aims at guaranteeing that countries develop economic policies that are designed to reduce poverty, increase growth and ensure that development is long-lasting and will benefit future generations.
The promotion of market efficiency, control of wasteful spending, consolidation of democracy and the encouragement of private financial flows are critical aspects of a determined effort to reduce poverty and enhance the sustainable development of a country.
The main objectives of Economic Governance and Management are:
- Promote macro-economic policies that support sustainable development;
- Implement transparent, predictable and credible government economic policies;
- Promote sound public finance management;
- Fight Corruption and money laundering;
- Accelerate regional integration by participating in the harmonisation of monetary, trade and investment policies among the participating states.
To track progress made towards achieving these objectives, the participating countries in the APRM have approved a number of internationally recognized codes and standards including among others: Codes of Good Practices on Transparency in Monetary and financial policies; code of Good Practices on Fiscal Transparency; Best practices for Budget Transparency; Guidelines for Public Debt Management and Core Principles for Effective Banking Supervision.