In a speech today to African ambassadors in Washington DC, Mr. Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), urged further action by African countries, as well as the international community, to combat the effects of the global economic and financial crisis.
In particular Mr. Strauss-Kahn emphasized the human dimensions of the crisis. “All countries should give priority to strengthening well-targeted social safety nets, or at least shielding them from cuts—this is vital to protect the most vulnerable from the ravages of the crisis,” he said.
Mr. Strauss-Kahn said the vulnerability of populations in Africa meant the stakes in tackling the crisis were higher there than elsewhere. African governments should use fiscal stimulus and monetary and exchange rate policies where possible to offset the effects of the crisis and prevent it from increasing poverty. Development partners must also show a deeper commitment to donor aid to help support the continent’s policy actions, he said.
See full Press Release.
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