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Policy Brief on the Financial Crisis - Africa and the Financial Crisis: An Agenda for Action
The current economic and financial crisis affects all the drivers of African growth: prices and demand for primary commodities, capital flows and foreign direct investment and regional integration, especially in low-income countries and fragile states. Many countries face the risk of twin deficits (current account and fiscal deficits) and the crisis threatens the gains achieved in the last decade in the fight against poverty.
The African Development Bank responded quickly to support the continent by stretching all the resources at its disposal, through front-loading, fast-tracked disbursements and portfolio restructuring; stepping in in several projects to provide additional funding and mobilizing existing programmatic instruments to support all countries, especially fragile states.