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African ministers address financial crisis

Sameer Vasta's picture

At a recent press conference, three African finance chiefs chastised international credit rating agencies for failing to forecast the global financial crisis and challenged international financial institutions to do a better job of monitoring the global economy and of holding rich and developing countries accountable in the same way.

The Ministers from Zambia, Cote d’Ivoire and Tanzania spoke about the crisis and its effect on Africa. Mustafa Mkulo, Tanzania’s Minister for Finance and Economic Affairs, said:

"This crisis has come when African governments have taken broad based measures to reform their economies, followed by significant achievements. It is now threatening to wipe out our gains of the past ten years and disrupt all our plans for further progress."

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