The President of the African Development Bank (ADB), Donald Kaberuka says Africaï¿½s economy is expected to expand from 4.5 to 5 percent in 2010 as the global financial crisis abates and demand for commodities grows.
Speaking at a meeting of finance ministers and central bank officials from 10 African countries, Mr. Kaberuka noted that Africaï¿½s economy is likely to grow between 6 and 6.5 percent by 2011. The panel was set up in 2008 to consider ways of mitigating the effects of the global recession
The panel is also discussing how African countries can increase their clout in institutions such as the International Monetary Fund (IMF) and the World Bank. ï¿½The forecasts are more optimistic than the IMFï¿½s predictions. Though this recession has been a major setback for many countries, much of them have avoided the worst effects of the recession and I know that 2010 would be better. ï¿½There has been minimal movement in the IMF and the World Bank. ï¿½The developed countries have to make up their minds and take a step back and allow the developing countries a bigger voice. ï¿½Funding provided by the IMF to help African countries to cope with the global crisis has mainly been in the form of balance-of-payments support and has not compensated the decline in tax revenue.
These resources have not supported the budget and it is not money that can be used for schools, clinics and roads,ï¿½ South African Finance Minister, Pravin Gordhan told reporters.
Source: D Guide
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