President Kaberuka at the European Development Days in Stockholm
Both the financial crisis and the economic slowdown have had a significant effect on developing countries. While the financial crisis did not directly affect the core economies of those countries, they were however touched by a decline in export levels, the amount of foreign aid, investment, direct foreign investment, and the remittance of funds.
Taking part in a panel discussion on "Global Financial and Economic Crisis – Helping the Developing World cope with the Crisis” on the occasion the 4th European Development Days (EDD) held in Stockholm, President Kaberuka focused his remarks on following points:
- The crisis has affected African countries and may pull back the progress that many of them have achieved over the past ten years. It is therefore essential that the financial institutions for development are given the resources to avoid that regression.
- What Africa can do: continue its programs and projects for economic integration, something which Europe has done in order to develop. Develop the inter-regional market, by financing trade and infrastructure.
- The financial crisis has hit rich countries and the impact for Africa has been economic crisis. Suffering from this crisis, Africa must participate in the development of solutions.
At a fringe event at the EDD, the President made a contribution to the blog "Ideas for Development".