IMF: Joint Statement from Jakaya Kikwete, President of Tanzania; Dominique Strauss-Kahn, MD of the International Monetary Fund; and Kofi Annan, Chairperson of the Africa Progress Panel at the IMF conference in Dar es Salaam (11/03/2009)

11th March 2009

Date: 11/03/2009

Source: International Monetary Fund

Title: IMF: Joint Statement from Jakaya Kikwete, President of Tanzania; Dominique Strauss-Kahn, MD of the International Monetary Fund; and Kofi Annan, Chairperson of the Africa Progress Panel at the IMF conference in Dar es Salaam

This is the worst economic crisis of our lifetimes, affecting the lives and hopes of people around the world. As leaders of the G20 countries prepare to meet in April, we believe it is vitally important that Africa's needs are addressed. With this in mind, President Kikwete and the IMF invited African policymakers, development partners, the private sector and civil society to meet in Dar-es-Salaam on March 10-11 to assess the impact of the crisis on Africa's economic future. We share a deep concern about the enormous human cost of the crisis, and its potential to jeopardize peace and stability.

The African ministers and governors, together with the IMF, released a Joint Declaration at the end of the conference. This calls for a series of actions to protect and sustain Africa's recent achievements in raising growth and reducing poverty. This crisis requires an urgent response from us all.
• The international community must fulfil the promises already made to increase aid flows significantly. More resources for the poorest are urgently needed, including through doubling of the IMF's concessional resources. Countries must also pursue efforts to open further to trade with Africa.
• African nations must continue to strengthen their economic policies, and to ensure good governance, which can not be sacrificed in this time of crisis. Further efforts also are needed to create the environment that will attract private investment.
• The IMF must increase its support for Africa with more financing, greater flexibility, enhanced policy dialogue, and a further strengthening of Africa's voice in the Fund.

Global solidarity is essential if we are to meet the severe challenges facing Africa and the world. Africa must be a part of the solution to the global economic crisis facing Africa and the world, and Africa must be fully represented in the evolving global architecture. Our discussions in Dar-highlighted in the Joint Declaration-point the way for us all.

Now we must act.