Your Fund's distribution policy is to provide investors with a stable monthly distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital. Mr. Mbeki urges countries to punish multinational companies that are overinvoicing, underpricing or funneling money to tax havens.“Gender inequality is costing sub-Saharan Africa “on average $US95 billion a year, peaking at US$105 billion in 2014—or six percent of the region’s GDP—jeopardizing the continent’s efforts for inclusive human development and economic growth,” according to the UNDP publication Africa Human Development Report 2016: Advancing Gender Equality and Women’s Empowerment in Africa.The authors of the UNDP report highlight that in sub-Saharan Africa, household income disproportionately favours adult males and “gender discrimination is acute and endemic.”The UNDP correlates gender equality with human development. The table includes estimated amounts and percentages for this distribution and for the cumulative distributions paid relating to fiscal year to date (The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. Conversely, Chad, Mali and Niger have high levels of gender inequality but low levels of human development.Former vice president of the World Bank’s Africa division Obiageli Ezekwesili said last November that men are mostly to blame for Africa’s economic problems.
However, under Section 19 of the Investment Company Act of 1940, as amended (the "1940 Act") and related Rules, the Fund may be required to indicate to shareholders the estimated source of certain distributions to shareholders.The following table sets forth the estimated amounts of the sources of the distribution for purposes of Section 19 of the 1940 Act and the Rules adopted thereunder. The Gambia and Ghana met the target, but Ethiopia was among the countries that did not.The authors of Income Inequality Trends in sub-Saharan Africa argued that poverty reduction efforts do not necessarily bridge the inequality gap, which was a conceptual underpinning of the MDGs.To achieve the 2030 Agenda for Sustainable Development, an offshoot of the MDGs, experts hope countries will embrace a range of policies that tackle various forms of inequalities, not just poverty.“Policies that help reduce poverty are not necessarily the same as those that help reduce income inequality,” writes Abdoulaye Dieye, director of UNDP’s regional bureau for Africa, in the preface to the report.Quality education may dent poverty but will not close the inequality gap unless accompanied by “progressive taxation [tax rate increases with increases in taxable amount] and well-targeted social protection,” Mr. Dieye further explains.Also, countries need to focus on growth pattern rather than growth rate, because inequality falls when growth is in labour-intensive sectors, such as agriculture, manufacturing, and construction, and it rises when growth is in sectors high in capital and the use of skilled labour, such as mining, finance, insurance and real estate, according to the UNDP economists.Currently most African countries allocate a significant share of their national budgets to recurrent overheads and/or debts, leaving little or nothing for other projects.Corruption, mismanagement and illicit financial flows (IFFs) also deplete state coffers.According to a 2015 report by a high-level African Union panel on IFFs headed by former South African president Thabo Mbeki, Africa loses up to $50 billion annually to illicit financial flows.
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