Africa reforms in economic crisis

Egypt: Africa is reforming its economies and establishing regulatory state roles to confront the world economic crisis that has increased poverty in the region. The director of Economic Affairs of the African Union (AU), Rene Nƒ?(tm)Guettia Kouassi, assured that the continent is mobilizing its internal resources to achieve a lesser dependence on foreign aid in face of the current recession.

He pointed out that the purpose is for the State to intervene in regulation of the economy with budget policies.

Kouassi noted that the crisis has a negative impact on the economy and growth of the majority of the African countries due to a fall in demand of raw materials and reduction of exports.

For the economic director of AU the region should move to economic and political integration, although he acknowledged that there are still no programs to refurbish the economy and surpass the crisis in Africa.

Regarding this point he requested flexibility of conditions from the International Monetary Fund and provision of loans under better conditions for agriculture due to the importance of food for the population and to reduce poverty.

He also called on the G-20 regarding benefits for Africa through additional funds to reach 1.1 billion dollars from multilateral institutions promised by this bloc during its last summit in London, last April 2. He also demanded that developed nations fulfill their promise to finance, which he explained has not been done.

Cairo, Prensa Latina