Show of Hands

The conference is wrapping up. Finance Ministers, Central bank governors, and the IMF have issued a joint declaration that makes the following key points:

1) African economies are under severe challenge. Achievements of the past decade are under risk as the world faces the gravest economic crisis in more than sixty years.

2) While it originated in mature financial markets, the impact of the crisis is now global, requiring a global response.

3) Now more than ever, the international community must ensure that Africa's financing needs are addressed.

4) African Ministers and Governors underlined six building blocks of a stronger partnership between the Africa and the IMF. This includes enhancing IMF surveillance, expanding the IMF's financing facilities, consolidating the debt relief process and accelerating IMF governance.

An emerging theme from the conference is that the international community (including the imf) and African nations each have an obligation to address the challenges from the crisis. While the international community should fulfill its obligations to increase aid flows and open their markets for trade, African nations should take steps to protect and build on the macroeconomic gains of the last decade.

The concluding session generated significant interest because of the interactive format. CNN anchor Isha Sesay started the session by asking participants (through a show of hands) if they agreed with Jeffrey Sachs' comment yesterday that Washington based governance was "dead" as a result of the financial crisis. Majority of participants agreed with the proposition but participants underlined the importance of finding a global solution to overcome the crisis. Isha Sesay asked President Kikwete on what he would do differently to protect Tanzania from the crisis. His response: "We will continue to implement policies that work well". A reassuring sign that African policymakers are fully aware of what needs to be done.