The 14th Ordinary Session of the Executive Council of the African Union: statement by Mr. Abdoulie Janneh, UN Under Secretary General and Executive Secretary of ECA 29 January 2009, Addis Ababa, Ethiopia

Abstract

This Statement delivered by Mr. Abdoulie Janneh, UN Under-Secretary-General and Executive Secretary of ECA at the 14th Ordinary Session of the Executive Council of the African Union. Mr. Janneh, on his remarks highlighted that; The current financial crisis is unprecedented in scale and scope and will impact on growth and trade as well as on investment, trade credits, remittances, and tourism. Moreover, several African countries have experienced volatility in their stock market and exchange rates since the onset of the crisis. Above all, we must be concerned about the impact of this crisis on the fight against poverty, which had already been negatively affected by recent historical peaks in food and energy prices. In this regard, it is essential to keep commitments to scale-up official development assistance to African countries so as to sustain growth in the continent and protect vulnerable groups. The economic and financial crisis also underscores the need for cooperation and collaboration amongst states at various levels of development. The functioning of the RCM has improved greatly in the recent past and the African Union Commission, the NEPAD Secretariat and Regional Economic Commissions are all actively engaged in this process.