Statement on the global economic and financial crisis to the 12th ordinary session of the Assembly of Heads of State and Government of the African Union: by Mr. Abdoulie Janneh, UN Under-Secretary-General and Executive Secretary of ECA Addis Ababa, 3 February 2009
This Statement delivered by Mr. Abdoulie Janneh, UN Under-Secretary-General and Executive Secretary of ECA on the Global Economic and Financial Crisis to the 12 th Ordinary Session of the Assembly of Heads of State and Government of The African Union. Mr. Janneh, on his remarks highlighted that, the grave and unpreceded. Mr.Janneh, also pointed out some key points. it is now evident that the crisis will have a serious impact on African economies. While Africa is banking, systems have not been affected by the crisis because of prior reforms and limited integration into the global economy, the threat to its real economy is indisputable. The crisis will erode much of the gains that Africa has made in the recent past in both economic and social sectors. Better macroeconomic management, strong commodity prices and reduced debt underpinned Africa’s recent good economic performance. the solutions being put together in response to the crisis need to be carefully calibrated to take account of differences in the circumstances and needs of African countries. This crisis was brought about by failures of regulation and the inherent volatility in the international financial system as currently configured. Better governance is essential to improve the functioning of the international monetary and financial system and it is crucial to ensure that financial supervision keeps up with financial innovation. Africa should use its existing institutions to the fullest in responding to the crisis.
| Format: | Speech biblioteca |
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| Language: | eng |
| Published: |
2009-02
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| Online Access: | https://hdl.handle.net/10855/31083 |
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