Africa must take "bold and swift" action in order to cushion the impact of the financial and economic crisis currently affecting the continent.

The call came in a ministerial statement issued at the end of the African Union Conference of Ministers of Finance and Economy; and the United Nations Economic Commission for Africa Conference of African Ministers of Finance, Planning and Economic Development, which was held from 6 - 7 June in Cairo, Egypt.

The Egyptian Minister of Finance, Dr. Youssef Boutros Ghali, said the consensus would help Africa speak with one voice at international conferences. He stated that although African countires have different issues, challenges and views on many issues, all had one comon goal. "We are a rich continent that needs to be exploited with our policies, and our issues, and the international community need to support us on our terms," he said.

The African Union Commissioner for Economic Affairs, Mr. Maxwell Mkwezalamba, said Africa needs to engage with the G20 and international financial institutions to determine how much extra resources would be disbursed to the continent following agreements reached at the London G20 Summit.

United Nations Under Secretary-General and Executive Secretary of the Economic Commission for Africa, Mr. Abdoulie Janneh, said the economic crisis is a setback, but also an opportunity for innovation, self reliance, and practical solutions. He thanked the ministers for their endorsement of the 2010-2011 ECA programme of work.

The ministerial statement reaffirms commitments to "deepen economic reforms, strengthen regulation of financial institutions, harmonise fiscal and monetary policies, improve governance and accountability, diversy export structures, make more judicious use of public revenue and improve debt management."

The statement also addresses issues of climate change, regional integration, millennium development goals, a charter on statistics, international trade and the African Investment Bank. They also welcomed the United Nations General Assembly decision to convene the Fourth United Nations Conference on the Least Developed Countries in 2011.