Global economic troubles will hit African exports, concludes C10

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Date: 30/10/2011
Location: Cairo, Egypt

The meeting of the Committee of Ten (C10) Finance Ministers and Central Bank Governors took place on 30 October, 2011 in Cairo, Egypt.

The meeting’s objectives were to discuss: (i) the impact of the US credit rating downgrade and the European debt crisis on Africa; (ii) managing food price volatility for improved food security in the continent; (iii) progress on the Africa Green Fund; and (iv) regional operations incentives.

The meeting also discussed Egypt’s experience in public-private partnerships as well as the “Invest Africa” Initiative.

In its review of the impact of the global economic uncertainty on Africa, the committee noted that trade was the most important transmission channel through which Africa is affected by these international developments.  In particular, these developments will lead to a fall in African exports and a decline in export revenues, harming growth in commodity-export dependent economies.

The meeting was jointly organized by the African Development Bank, the UN Economic Commission for Africa, and the African Union Commission. His Excellency Dr. Hazem El-Beblawy, the deputy prime minister of Egypt, chaired the meeting. It was preceded by the Deputies’ meeting on 29 October 2011.

The following countries and institutions participated in the meeting: Cameroon, Egypt, South Africa, Tanzania, the Central Bank of Algeria, and the Central Bank of West African States (BCEAO).