May 16, 2005, 15:30
The annual meeting of the African ministers of finance has drawn to an end in Abuja, Nigeria, with calls for deeper and faster progresss to reach the Millenium Development Goals (MDGs) to halve the number of people living in poverty within the next ten years.
The International Monetary Fund (IMF) released a report at the meeting showing improved economic growth rates in Africa. Economic growth in sub-Saharan Africa increased last year to an eight year high of nearly 5% and average inflation is under control. Abdoulaye Bio-Tchane, the African department director at the IMF, said this is quite an achievement. "For the first time in 25 years, we have less than 10% inflation rate," said Bio-Tchane.
However, growth of at least 7% is needed to reach the goals. Finance ministers are calling on wealthy nations to recognise the economic successes and conflict resolution in Africa. The ministers have also endorsed the Commission for Africa report which calls for urgent action to alleviate Africa's plight and bring it fully into the global economy. Trevor Manuel, the minister of finance, says he hopes the representatives will promote the report in their home countries. "I'm hoping all the ministers will popularise the report in all 53 african countries," Manuel said.
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