14 July 2009
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African Development Bank (Abidjan)

Meeting of the Committee of Finance Ministers and Central Bank Governors (Committee of Ten)

press release

Abuja — There is a continued international focus on the economic and financial crisis. Assessment that the slowdown is more severe and recovery will be slower than initially expected. Acknowledgement that impact on low income countries must be addressed taken into account. MDBs have taken exceptional action in response, but their resources will need to be replenished earlier that previously anticipated. Debate continues on respective roles of institutions, on representation and participation.

The remainder of 2009 will see increased international attention to the impact of the financial and economic crisis, its impact, and the global response. African perspectives and views must be heard. Strong representations will continue to be made for adequate African participation in the policy development and dialogue on issues that will have a substantive impact on Africa. Following the G8 Summit, in Italy, July 8-10, 2009, attention will be focused on the process leading up to the next G20 Leaders Summit in Pittsburgh on 26th September 2009.

On 12 November 2008, the Heads of the African Development Bank, the African Union and the United Nations Economic Commission for Africa convened a meeting of African Ministers of Finance and Governors of Central Banks in Tunis, Tunisia, to discuss Africa in the face of the global financial and economic crisis. The meeting created a Committee of Ten to take stock of the impact of the crisis on Africa and provide appropriate advice to African Heads of State. On 17 March 2009, the Committee presented a report titled 'Impact of the Crisis on African Economies - Sustaining Growth and Poverty Reduction: African Perspectives and Recommendations to the G20' to the British Prime Minister Gordon. Mr. Brown will host the G20 Summit in London in April 2009.

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