Proceedings of the second joint annual meetings: of the African Union conference of ministers of economy and finance and the conference of African Ministers of finance, planning and economic development of the United Nations Economic Commission for Africa

Abstract

The Second Joint Annual Meetings of the African Union Conference of Ministers of Economy and Finance and the ECA Conference of African Ministers of Finance, Planning and Economic Development was highlighted four key areas where concerted action was needed on the basis of shared responsibility by Africa and its development partners to mitigate the adverse impact of the crisis and ensure that the continent contributed to global recovery efforts and sustainable development. First, there was a need for immediate measures to preserve Africa's recent gains in economic and social development, including social measures to protect the poor and vulnerable. Second, domestic policy options for responding to the crisis should be explored, including the use of fiscal space to support growth and other long-term objectives such as economic diversification and competitiveness. Third, the need to translate commitments, including those made at the recent London Summit of the G-20, into concerted action and additional resources, including going beyond existing commitments to help Africa meet its increased financing needs. Fourth, the need to accelerate reforms of the international financial architecture, including the governance of IFIs, to amplify Africa’s voice and representation in these processes. It concluded that the Ministerial Statement to be adopted at the end of the meeting would convey Africa’s views, concerns and perspectives to the forthcoming G-8 meeting in Italy as well as to the next G-20 Summit.