Achieving single-digit inflation was identified on Friday as a key goal for the Southern African Development Community’s (SADC) 14 member countries.
The goal was set out at a meeting of SADC finance and investment ministers in Pretoria.
It was identified as a key element of economic stability in the region, said South African finance ministry spokesperson Logan Wort.
”There is now a single objective which will filter through to the economic policies of member countries,” he said.
Single-digit inflation is one of several areas of an envisaged macro-economic convergence for the region. Others include national policies on tax, deficits and expenditure.
Ministers discussed the need to prepare an implementation report on macro-economic convergence, according to a joint communiqué issued after the meeting.
”It was, however, noted that the road to convergence will take time, given the diversity of the SADC economies.”
The ministers stressed the importance of expediting the conclusion of a finance and investment protocol, described in the communiqué as a lynchpin of development.
Issues of poverty, HIV/Aids and heavy indebtedness were also discussed.
The ministers considered the implications of a commitment by the Group of Eight developed countries to 100% debt relief for poor countries.
”They agreed that there is need to unpackage the proposal, understand its implication and pave the way forward to ensure that SADC countries’ benefits are protected,” the communiqué said.
”The ministers agreed to convene a round-table meeting to address this issue.”
The ministers agreed to put in place ”effective initiatives” to counter money-laundering and the financing of terrorism. — Sapa