Brussels, 23/06/2009 (Agence Europe) - In the run-up to the United Nations High Level Conference on the Global Financial and Economic Crisis and its effects on development (in New York on 24-26 June), the ACP (Africa, Caribbean, Pacific) group of states, linked to the EU through the Cotonou Agreement, has called for urgent solutions to avoid recurrences of such a severe crisis in the future.
The ACP states, which will be represented in New York by Steve Abana, Solomon Islands Minister of Planning and Aid Coordination, are among the countries hardest hit by the crisis (major falls in export earnings, slowing of foreign direct investment, decline in official development aid and lower remittance flows). They want action that lays the stress on attenuation of the effects of the crisis. Noting that in sub-Saharan Africa, the growth rate could fall to 1.5% in 2009 (compared with 5.4% in 2008 and 6.8% in 2007), the ACP group says that “poor countries are more than ever in need of funds to compensate for the decline in national revenues, and to drive investments in view of maintaining and boosting group”. Welcoming the decisions taken by the G20 in April and by the Commitment of the European Commission to provide aid to developing countries, the ACP group says that any effort to increase the volume of aid to low-income countries would be most welcome, and urges developed countries to intensify their efforts to honour their official development commitments. The ACP group also says that in-depth reflection on the legitimacy and effectiveness of international financial institutions should be a priority. (A.N./transl.rt)