AfDB organizes an African high level forum on international financial crisis

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African Ministers of Finance and Central Bank Governors will, on November 12, 2008, meet in Tunis, Tunisia, to discuss the global financial crisis and its potential impacts on African economies.

Organized by the African Development Bank (AfDB) in close cooperation with the African Union Commission, the Conference aims to mobilize Africans with a view to seeking an answer to the global financial crisis.

"Although Africa is relatively protected from the initial impacts on the financial markets, the continent could be seriously affected by the weakening of global economic growth and a decline in demand for products. Budgetary pressures caused by the bailout plans carried out by rich countries might reduce the volume of official development assistance. This situation, coupled with the negative impacts of the recent escalation of food and oil prices, could undermine the gains of its economic growth over the past several years" AfDB President, Dr. Donald Kaberuka, said. He also pointed out that some middle income countries, and others aspiring to attain this status, recently raised funds on capital markets. The current crisis will increase the cost of borrowing on capital markets, and make access to the markets more difficult.

At a time when discussions on Bretton Woods institutions are going on, AfDB President, Donald Kaberuka, and African Union Commission Chairman, Jean Ping wish to ensure that the continent voice is heard.

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