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Vol 50 No 9

Published 1st May 2009

After the G-20, the money-go-around

No one agrees about how much the global financial crisis is costing Africa, but all the international financial institutions agree that the continent needs its own fiscal stimulus package if it is to stave off disaster. The African Development Bank President, Donald Kaberuka, led the field with a detailed country-by-country breakdown of the effects of the crisis and the size of the resulting financing gaps. The AfDB estimates that Africa faces a financing gap of US$50 billion in 2009 and $56 bn. in 2010 just to maintain gross domestic product (GDP) growth levels averaging 5.4% of 2008 (AC Vol 50 No 8). The AfDB says that the financing gap would be $117 bn. if Africa is to reach the antipoverty, health and education targets of the UN's Millennium Development Goals.

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