Global financial crisis is real for Africa

The International Monetary Fund (IMF) on Tuesday called on donor countries, to honour their commitments to Africa. In a bid to help mitigate the effects and impact on the continent of the ongoing financial crisis and economic downturn. The IMF made the call at a 2-day conference for African Finance Ministers and Central Bank Governors in the Tanzanian capital of Dar-es-salaam, stressing that honouring the commitments would help prevent the continent’s economic gains from slipping away. Though African countries are in much stronger positions than they have been for many years, many of their economies still need significant additional concessional financing to weather the storm of the financial crisis.