Africa at the G20-Africa must be part of the global response to the crisis
|President Kaberuka’s interview on CNBC Africa about the G20 Summit|
The AfDB President is in London as part of a NEPAD high-level delegation invited to the G20 Summit.
Key recommendations have been made to the G20 in a report by the Committee of African Finance Ministers and Central Bank Governors, established in March 2009 to monitor the crisis.
The report states that previous, repeated, commitments to increase aid to Africa must be delivered quickly: speed of access is vital.
But that alone will not be enough if Africa is to be able to restore a level of growth sufficient to reduce the levels of poverty on the continent. New and additional resources must be unlocked.
Africa’s key recommendations to the G20 include:
- Demonstrate political will and take action now: The severity of the crisis calls for the same sense of urgency as shown in rescue plans for banks and corporations in advanced economies.
- Provide additional resources: Commit 0.7 percent of developed economies own stimulus packages to assist poorer countries, ensuring new initiatives are truly additional to existing aid plans.
- Increase policy space and flexibility, and reduce conditionality
- Promote trade
- Increase transparency, accountability, and equitable representation: Provide adequate voice and voting rights to African countries in international financial institutions and major global governing bodies.