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Experts urge African nations to take precautions in finance crisis
Published in Saudi Press Agency on 30 - 10 - 2008

International economists and policy experts on Thursday warned that Africa could be devastated by the current global credit crisis if governments fail to take serious precautions, according to dpa.
Dangers include: a dwindling of aid from the United States, Europe
and other developed countries; a downturn in tourism; and losses of
revenue from the export of oil and other commodities. These dangers
could disrupt national economic plans, warned experts meeting at a
one-day summit hosted by the Copenhagen-based Africa Commission.
"We might see a downward trend for commodity prices. ... The
crisis is already affecting oil revenues," said Greg Mills, director
of the Brent Hurst Foundation and chairman of the conference.
Koen Vervaeke, European Union special representative and head of
the EU delegation to the African Union, said the EU wants to increase
aid to Africa, but has not yet decided how to target its funding.
The EU and its member states give 26 billion euros (33.6 billion
dollars) for development aid to African countries annually, said
Vervaeke.
Mills added that "it is going to be difficult to continue
generosity for others when there are problems at home. Every African
state worth its salt must have Plan B to handle the crisis."
Meeting participants recommended African governments stamp out
corruption, develop stronger infrastructure, strengthen their private
sectors, bolster agricultural output and remain cognizant of
international economic developments if they hope to weather the
crisis.
The Africa Commission was formed in April 2008 to help find
solutions to problems with African economic growth.


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