Regional finance ministers and development practitioners teamed up today to brainstorm solutions to the troubling economic crisis.
Amid World Bank warnings that Africa is likely to be the worst-hit region by the global financial crisis, African finance ministers and Bank staff met today to determine the way forward in dealing with the impact of the global financial crisis on African countries.
Hosted by the World Bank’s chief economist for Africa, Shanta Devarajan, and chaired by vice president for Africa, Obiageli Ezekwesili, the meeting challenged participants to “think outside the box” in determining solutions to the negative economic, humanitarian and political effects the crisis already is having on the continent.
“The major challenge facing African countries and their development partners is how to design appropriate policies that would respond to this crisis,” Ezekwesili said.
She said sound macro-economic policies put forward by Africans over the last decade, which have, in part, led to significant growth rates, are now being questioned.
Flexibility, diversification, and regional solutions are key to combating the crisis, meeting participants agreed. Uganda Central Bank Governor Emmanuel Tumasiime-Mutabile advised flexibility of markets, of regimes, and of policies in order to stem the force of the crisis.