Africa must take ‘bold and swift’ action to tackle financial crisis – UN

Africa must act swiftly and boldly to mitigate the impact of the current financial and economic crises impacting the continent, according to Government ministers at a United Nations-backed meeting.

The ministerial statement issued at the end of the gathering in the Egyptian capital, Cairo, reaffirms commitments to proceed with economic reforms, boost regulation of financial institutions and improve debt management, among other steps, said Abdoulie Janneh, Executive of the UN Economic Commission for Africa (ECA).

The 6-7 June ECA and African Union (AU) event was attended by representatives of more than 40 African countries, mostly at the ministerial level.

Mr. Janneh acknowledged that the economic crisis is a setback, but also provides an opportunity for innovation, self-reliance and practical solutions.