The Africa outreach consultations at Lancaster House were preceded by a
closed session of the African leaders, who included General Seretse Ian
Khama of Botswana, Ellen Johnson-Sirleaf of Liberia, Kenyan Prime
Minister Raila Odinga and South African Finance Minister Trevor Manuel.
The AfDB President, Donald Kaberuka, presented the continent’s position
paper at the group discussions also attended by the Chairman of the AU
Commission, Mr Jean Ping, while President Kikwete briefed the group on
the deliberations of the meeting between IMF and African finance
ministers in Dar es Salaam last week. Mr Kikwete was also invited in
his capacity as the immediate past chairman of the AU.
Foreign Minister Bernard Membe, who is here for a ministerial pre-G-20
meeting examining the future of multilateral institutions, said the
African group stressed that the continent should be recognised as a
stakeholder in the international financial system and be involved in
making decisions to tackle the global fiscal crisis. Africa also
demands its proper share of the bailout funds and financial stimulus
packages administered by international financial institutions.
"There are indications, for example, that Africa has not been counted
in a Vulnerability Financial Facility introduced by the World Bank,"
said the minister. The consultations initiated by Mr Brown to hear out
key African views ahead of the summit come amid reports that the IMF’s
resources to fight the financial crisis in emerging markets would be
doubled from 250 billion US dollars.
Tanzania and other developing nations have seen their export earnings
dwindle as the prices of agricultural products slumped in the world
market following the economic down turn in the west. External financial
inflows have waned and tourist arrivals diminished. In addition to
raising resources available to the IMF, the G-20 summit is expected to
agree on measures to co-ordinate efforts to mitigate the financial
crisis more closely and fight economic protectionism.
Daily News
Post published in: News