Africa suffers global woes

SOUTH AFRICA: African countries are experiencing significant capital outflows as a result of the global economic downturn, South African Finance Minister Trevor Manuel said on Friday.

"African states are encountering significant fiscal pressures as our revenue sources dry up, as expenditures rise to meet the most elementary levels of service provision and as we battle to retain expenditure levels in the face of significantly reduced GDP growth," Manuel said in a speech prepared for a conference of African finance ministers in Cape Town.

JOHANNESBURG, Friday, Reuters