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The African monetary Outlook 2009 reports the new financial state of affairs and predicts the momentary evolution of forty seven African international locations which account for ninety nine% of the continent's fiscal output and ninety seven% of its inhabitants. The Outlook is drawn from a country-by-country research according to a special analytical layout. This universal framework encompasses a forecasting workout for the present and the 2 following years, utilizing an easy macroeconomic version, including an research of the social and political context. This Overview incorporates a comparative synthesis of African kingdom customers, putting the evolution of African economies on the earth fiscal context. it is also a bit on innovation and data and verbal exchange applied sciences (ICTs) in Africa, offering a accomplished evaluate in their proliferation and use at the African continent, in addition to a statistical annex. A URL is supplied for linking to the full-length state notes.

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China has continued to lend important amounts of money to several Sub-Saharan African countries, but due to the incomplete data on China’s aid and credits to Africa, it is difficult to estimate such flows. Thus, even after debt relief under the HIPC and MDRI initiatives is fully implemented, maintaining a sustainable level of debt service, while seeking additional financing needed to make progress towards the MDGs, will still be a challenge31. To address the concern among developing countries in Africa and elsewhere that the current crisis may result in reductions in aid budgets instead of the further increases that have been pledged 32, the OECD’s Secretary-General, Angel Gurría, and the Chair of the DAC, Eckhard Deutscher, have issued a statement calling upon the world’s major donor countries to stand by their development pledges in order to prevent the “… financial crisis from generating an aid crisis”, which would have a serious impact on developing countries, especially in Sub-Saharan Africa, already struggling with the global food crisis and rising oil prices.

OECD DAC (2009), op. cit. 15. See OECD DAC (2009), op. , Annex A, Chart 2 16. Fragile states, a group of 38 countries affected by conflict or burdened with a legacy of weak governance refers also to countries where the Millennium Development Goals (MDGs) are hardest to attain. For a list of fragile states, refer to bottom of Chart 4 in Annex A. (OECD DAC, 2009, op. ) 17. See Annex A, Charts 3 and 4 of OECD DAC (2009), op. cit. 18. Refer to the part on “Progress in making aid more effective” 19.

There is however the possibility that South-South investments could help take up some the slack. Two recent examples are noteworthy. 6 billion agreement with a Chinese company, China Union, to excavate iron ore, in what constitutes one of the largest ever FDI projects in the continent54. Secondly, the Brazilian company Petrobras has announced a massive expenditure plan for the period 2009-2013, reaching USD 174 billion, of which 2 billion are planned for Nigeria and 800 million for Angola 55. Over the medium to long term, as commodity prices recover investor interest can be expected to return.

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