WASHINGTON, May 5, 2009: The next G-20 summit should focus on financing development if the negative impact of the global economic crisis on Africa is to be minimized, the World Bank Vice President for the Africa Region Obiageli Ezekwesili cautioned Tuesday.
Even before the crisis affects Africa’s relatively sound financial sector, it already dangles the specter of political instability, social unrest, and could unleash a major humanitarian disaster on the “world’s last development frontier”, Ms. Ezekwesili told participants at a day-long conference in Washington, DC.
Her remarks came in a keynote address delivered at the inauguration of the 2009 Annual Conference organized by the Washington-based Society for International Development on the theme “Finding Common Ground on Foreign Aid”. Organizers said the conference was convened to seek views of US development institutions, multilateral financial organizations and of recipient countries on whether or not US aid is playing a useful role in the developing world.
Although rich countries are also reeling from the crisis they must resist the temptation to slash foreign aid and resort to protectionist practices, the World Bank Vice President urged, as she appealed to the US government to continue to provide leadership in ensuring that pledges to double aid to Africa by 2010 are honored.
“We want action!” was the message brought by government delegations from Africa attending the Spring Meetings of the World Bank and the International Monetary Fund over the last weekend of April, according to the World Bank Vice President. “Tell our development partners to stop recommitting to aid commitments. They should just do it!”
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