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South Africa leader welcomes G20 | South Africa leader welcomes G20 |
(about 7 hours later) | |
South Africa's leader Kgalema Motlanthe has said the G20 summit had taken some decisive and courageous steps. | South Africa's leader Kgalema Motlanthe has said the G20 summit had taken some decisive and courageous steps. |
The world leaders pledged $100bn in aid for developing countries and promised to give more voice to developing countries in economic decision-making. | The world leaders pledged $100bn in aid for developing countries and promised to give more voice to developing countries in economic decision-making. |
Mr Motlanthe said the deal focused on ways to avoid unemployment and acknowledged the importance of emerging markets to boost trade. | Mr Motlanthe said the deal focused on ways to avoid unemployment and acknowledged the importance of emerging markets to boost trade. |
But it might not be adequate to address the full extent of the crisis, he said. | But it might not be adequate to address the full extent of the crisis, he said. |
South Africa, which has so far avoided a recession, is the only African country in the G20. | South Africa, which has so far avoided a recession, is the only African country in the G20. |
You can't shave somebody's head in his absence... In an almost 30-page communique, Africa is not even mentioned Kenyan economist Oduor Ong'wen Did it deliver for the poorest? | You can't shave somebody's head in his absence... In an almost 30-page communique, Africa is not even mentioned Kenyan economist Oduor Ong'wen Did it deliver for the poorest? |
"We have as the central pillar of the recovery plan the saving of jobs because there's a recognition that this summit could not only focus on technical aspects of the economy but that the economic meltdown affects people, affects ordinary working people," the South African president said. | "We have as the central pillar of the recovery plan the saving of jobs because there's a recognition that this summit could not only focus on technical aspects of the economy but that the economic meltdown affects people, affects ordinary working people," the South African president said. |
Economists have been warning that up to 300,000 jobs could be lost this year, pushing South Africa's unemployment up from the current level of 22%. | Economists have been warning that up to 300,000 jobs could be lost this year, pushing South Africa's unemployment up from the current level of 22%. |
Other developing countries have suffered from a downturn in tourism, remittances from workers living abroad, and the collapse of commodity prices. | Other developing countries have suffered from a downturn in tourism, remittances from workers living abroad, and the collapse of commodity prices. |
'Fire-fighting' | 'Fire-fighting' |
"I don't see much in terms of rescue for Africa," Kenyan economist Oduor Ong'wen of the the Southern and Eastern African Trade Information and Negotiations Institute told the BBC's Network Africa. | "I don't see much in terms of rescue for Africa," Kenyan economist Oduor Ong'wen of the the Southern and Eastern African Trade Information and Negotiations Institute told the BBC's Network Africa. |
NEW FUNDING PLEDGES $500bn for the IMF to lend to struggling economies$250bn to boost world trade$250bn for a new IMF "overdraft facility" countries can draw on$100bn that international development banks can lend to poorest countriesIMF will raise $6bn from selling gold reserves to increase lending for the poorest countries Source: BBC | NEW FUNDING PLEDGES $500bn for the IMF to lend to struggling economies$250bn to boost world trade$250bn for a new IMF "overdraft facility" countries can draw on$100bn that international development banks can lend to poorest countriesIMF will raise $6bn from selling gold reserves to increase lending for the poorest countries Source: BBC |
"You can't shave somebody's head in his absence... In an almost 30 page communique, Africa is not even mentioned. | "You can't shave somebody's head in his absence... In an almost 30 page communique, Africa is not even mentioned. |
"In as far as it is fire-fighting it is OK, but we have to go behind what caused the fire," he said. | "In as far as it is fire-fighting it is OK, but we have to go behind what caused the fire," he said. |
But Stephen Gelb, executive director of South Africa's Edge Institute think tank, says as well as the aid package, the $750bn to the International Monetary Fund and the $250bn to boost global trade will have an impact on Africa. | But Stephen Gelb, executive director of South Africa's Edge Institute think tank, says as well as the aid package, the $750bn to the International Monetary Fund and the $250bn to boost global trade will have an impact on Africa. |
"It will make a rapid difference to the flow of trade because trade has been suffering from a lack of credit to importers and exporters," he told the BBC. | "It will make a rapid difference to the flow of trade because trade has been suffering from a lack of credit to importers and exporters," he told the BBC. |
He said his greatest fear is protectionism, which has been creeping in despite promises from richer nations not to do so. | He said his greatest fear is protectionism, which has been creeping in despite promises from richer nations not to do so. |
Nigerian businessman John Adeleke sees the tripling of the IMF's funds as a mistake. | Nigerian businessman John Adeleke sees the tripling of the IMF's funds as a mistake. |
"I think some of the most successful developing countries have advanced in spite of the IMF and a lot of the failures have been failures that were perhaps mismanaged by a lot of the [IMF] advice," he told the BBC's World Today. | |
In a speech after the summit, US President Barack Obama announced that he aims to double US food and agriculture aid to Africa and other poor regions to more than $1bn. | In a speech after the summit, US President Barack Obama announced that he aims to double US food and agriculture aid to Africa and other poor regions to more than $1bn. |
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