Africa wants slice of bail-out
Wednesday, 11 February 2009 12:55pm
Africa's leaders urge governments in the US, Europe and Asia to add an African component to their stimulus packages so the continent continues its economic turnaround after the GFC.
"We call on rich countries to keep Africa in mind as they design programs to help their economies weather the financial crisis," said Obiageli Ezekwesili, the World Bank's vice-president for the Africa Region at a video press conference from Addis Ababa, Ethiopia.
Ezekwesili said it was important for wealthier nations not to focus on "insular" domestic responses to the crisis. World Bank president Robert Zoellick has earlier called for donor countries to devote 0.7 percent of the amount of their stimulus packages to a Vulnerability Fund for Africa.
Ezekwesili said the Vulnerability Fund would use the financial aid to help Africans who have become unemployed after mining operations closed, tourism slowed and foreign investors stopped injecting capital into the region.
The Fund would also help humanitarian programs, provide microfinance loans and continue current health, education and school feeding projects, she said.
Ezekwesili has also urged African governments to push through with its ongoing public sector reforms, to improve the efficiency of public expenditures and to diversify their economies beyond non-renewable sources of wealth.
"Countries like Zambia and other mineral-rich African nations must articulate a development strategy and make policy choices that would guarantee prosperity for ‘a Zambia without copper'," she said.
Besides help from foreign countries, Ezekwesili said education is still the key.
"The citizens of Africa are the continent's most valuable asset. those who can pay should pay but governments should provide scholarships and other forms of assistance to ensure that poor students who deserve to can attend university."
Michelle Baltazar
This story was found at: http://www.financialstandard.com.au/news/view/25011
Printed: Wednesday, 8 September 2010 6:46am