AU pins hope on Obama amid global crisis

"We are expecting a lot from him ... maybe too much, taking into account that the AU shares similar interest and values with the United States," African Union Commission chairperson, Jean Ping said on Tuesday, 26.

Briefing journalists on the overall agenda for the upcoming AU summit, Ping said he hoped that President Obama would use his position to give back to Africa especially during this global economic crisis.

This as the union fears international donors may cut aid to Africa as the global financial crisis deepens.

The trend of cutting aid to Africa to address urgent problems in donor countries has already been established.

"Taking into consideration the seriousness of this issue, the AU Commission has decided to make the current global financial and economic crisis to be the second agenda item of this week's summit," said Ping.

He said African Heads of State and government will spend much of the three days deliberating on this issue and its impact on Africa.

He indicated that representatives from the African Development Bank (AfDB), other regional financial institutions and regional economic communities will also join the discussion.

"This is what we are facing. Many speakers will address the issue in detail during the summit," said Ping.

He indicated that the Italian Secretary of State for Development will also give a presentation on the issue.

"This shows that Africa has come together in the face of economic crisis. Yet I fear we are only at the end of the beginning. This crisis will challenge the sense of global solidarity that is key to any solution.

"The economic recession has highlighted once again that our current financial architecture is fragile and no longer meets today's demands."

International calls for restructuring the International Monetary Fund (IMF) and World Bank are certainly overdue, he said, however cautioning that such reforms must be implemented with particular care and caution so that sustainable economic growth and shared prosperity are guaranteed.

Emerging countries do not have much influence within the IMF and, consequently, can hardly steer the decision-making process, he said, given the major role the IMF plays in the developing world, a redistribution of voting shares is inevitable.

At the recent G-20 Summit, the only African country offered a seat at the table was South Africa.

"This will change. The AU will be adequately represented in the forthcoming G-20 so that we can be able to speak on behalf of millions of people," he said.

Ping said trade liberation was another vital factor in increasing economic growth and sustainability in developing countries, which, at the same time, can have a positive impact on regional integration, as well as governance.

Article published courtesy of BuaNews