Abuja-Meeting of the Committee of Finance Ministers and Central Bank Governors (Committee of Ten)
There is a continued international focus on the economic and financial crisis. Assessment that the slowdown is more severe and recovery will be slower than initially expected. Acknowledgement that impact on low income countries must be addressed taken into account. MDBs have taken exceptional action in response, but their resources will need to be replenished earlier that previously anticipated. Debate continues on respective roles of institutions, on representation and participation.
The remainder of 2009 will see increased international attention to the impact of the financial and economic crisis, its impact, and the global response. African perspectives and views must be heard. Strong representations will continue to be made for adequate African participation in the policy development and dialogue on issues that will have a substantive impact on Africa. Following the G8 Summit, in Italy, July 8-10, 2009, attention will be focused on the process leading up to the next G20 Leaders Summit in Pittsburgh on 26th September 2009.
On 12 November 2008, the Heads of the African Development Bank, the African Union and the United Nations Economic Commission for Africa convened a meeting of African Ministers of Finance and Governors of Central Banks in Tunis, Tunisia, to discuss Africa in the face of the global financial and economic crisis. The meeting created a Committee of Ten to take stock of the impact of the crisis on Africa and provide appropriate advice to African Heads of State. On 17 March 2009, the Committee presented a report titled ‘Impact of the Crisis on African Economies – Sustaining Growth and Poverty Reduction: African Perspectives and Recommendations to the G20’ to the British Prime Minister Gordon. Mr. Brown hosted the G20 Summit in London in April 2009.
AfDB's President Statement
“The magnitude of the crises we face require complementary robust international action. That is about political will, and that is why we are here, to galvanize that will – for what we need to do ourselves and for what we believe the G20 should do.” -President Kaberuka, read the full speech
The meeting issued the following messages and appeals:
- Urgent implementation of all the commitments in meeting the needs of low income countries, and of Africa.
- Adherence to existing commitments and additional resource mobilization, restating support for the Bank’s GCI and early replenishment processes;
- Greater policy space (particularly related to the Debt Sustainability Framework);
- Greater flexibility of financial instruments alongside implementation support for instruments such to facilitate take up by end users (notably in terms of capacity building of Banks and foreign currency hedging);
- Support for enhanced domestic resource mobilization efforts particularly in respect of fiscal reforms and enhanced revenue collection systems;
- Support for strengthened expenditure management frameworks and systems to demonstrate African commitment to development results and optimal use of both domestic and external resources;
- Caution as to the lack of consultation of African constituencies to inform financial system regulatory and oversight reforms;
- Greater African participation (as opposed to presence) in the G20 process and beyond, notably in the process of reviewing the relative roles allocation between IFIs to mobilize support for African institutions and to ensure greater representation of African constituencies in the World Bank and IMF;
- Inclusion of issues associated with unsustainable and inequitable global production and consumption models on the G20 agenda.
- Final Communiqué (21 kB)
- Recent Developments (73 kB)
- Messages to the International Community and G20 (27 kB)
- The Crisis and Africa-Preventing a Development Crisis and Gearing up for Recovery (126 kB)
- Africa and the Global Economic Crisis: Strategies for Preserving the Foundations of Long-Term Growth (227 kB)
- The African Development Bank Group Response to the Economic Impact of the Financial Crisis (408 kB)
- Financial Crisis-Making Africa's Voice Heard-Donald Kaberuka-"The Banker" (103 kB)
- Impact of the Crisis on African Economies–Sustaining Growth and Poverty Reduction, African Perspectives and Recommendations to the G20 (186 kB)
- Abuja, July 13 2009-Welcome Remarks by Dr. Mansur Muhtar Honourable Minister of Finance at the Meeting of the Committee of Finance Ministers and Central Bank Governors (Committee of Ten) (52 kB)
- Nigeria, Abuja - July 13 2009-Statement by AfDB President at the Meeting of the Committee of Finance Ministers and Central Bank Governors (Committee of Ten) (175 kB)
- Abuja, July 13, 2009-Satement by his excellency, Dr, Goodluck Eele Jonathan, the Vice President, Federal Republic of Nigeria at the Meeting of the Committee of Finance Ministers and Central Bank Governors (Committee of Ten) (81 kB)
- Abuja, July 13, 2009-Statement By H.E. Dr. Maxwell M. Mkwezalamba Commissioner for Economic Affairs African Union at the Meeting of the Committee of Finance Ministers and Central Bank Governors (Committee of Ten) (62 kB)
- Abuja, July 13, 2009-Statement by Abdoulie Janneh UN Under-Secretary-General and Executive Secretary of ECA at the Meeting of the Committee of Finance Ministers and Central Bank Governors (Committee of Ten) (54 kB)