IMF to help African countries monitor diamond and precious metals industries
March 12, 2010
The International Monetary Fund has announced that it will be launching a programme that provides technical assistance and education to countries in Africa to better monitor and regulate their diamond and precious metals sectors.
In its statement announcing the programme, the IMF expressed concern about increased "links between the trade in precious minerals and illicit financial flows, corruption, drug trafficking, arms smuggling and the financing of terrorism."
"Better regulation and oversight of the precious minerals sector will not only help these countries combat these phenomena, but also boost revenues and improve their fiscal situation," said Emmanuel Mathias, a senior IMF official.
Six of the 16 countries that will be participating in the IMF workshops are Burundi, the Central African Republic, the Democratic Republic of Congo, Ivory Coast, Mali, and Togo. Funding for the programme will be funded with contributions from Britain, France, Kuwait, Luxembourg, the Netherlands, Norway, Qatar, Saudi Arabia, South Korea and Switzerland, a statement said.
In its statement, the IMF noted that Africa earns an estimated $19 billion in gold annually and $6 billion dollars in diamonds.
