Assembly/AU/Decl.2(XII) Page 1 ADDIS ABABA DECLARATION ON THE INTERNATIONAL FINANCIAL CRISIS PREAMBLE WE, African Heads of State and Government, meeting on 3 February 2009 in Addis Ababa, Ethiopia have considered the unfolding of the current international financial crisis and its economic and social implications for our countries; CONSCIOUS of the fact that the current international financial crisis will continue to slow down global demand for basic commodities, reduce the volume of capital flows, both public and private, towards Africa, and affect the competitiveness of our economies; CONCERNED over the fact that the development and scope of this crisis continue to slow down economic growth, further worsen our balance of payments situation, aggravate our budget deficits and turn round our efforts to achieve the Millennium Development Goals (MDGs); COMMENDING the various initiatives being taken worldwide and in Africa to mitigate the contagious effects of the crisis and contain its impacts; REFERRING to the content of the final Communiqué issued by the Extraordinary Conference of Ministers of Economy and Finance and Governors of Central Banks held on 12 November 2008 in Tunis, Tunisia; REFERRING to the content of the final Communiqué issued by the meeting of the Committee of Ten, held on 16 January 2008 in Cape Town, South Africa; RECALLING the commitments of our States to promote the development and integration of African economies, notably through the establishment of three financial institutions, namely the African Monetary Fund, the African Central Bank and the African Investment Bank, which will monitor and coordinate African responses to future crises; DECLARE AS FOLLOWS: 1. RECOGNIZE the need to strengthen all efforts aimed at mobilizing additional resources and UNDERSCORE the necessity to pursue the sound regulation of the African financial system and step up financial supervision; 2. ENCOURAGE the strengthening of measures taken by our Governments, regional and continental organizations as well as international institutions to notably enhance the mobilization of domestic resources and stabilize our finances to prevent a deep slowdown and economic upheavals; 3. CALL FOR equally vigorous, flexible and innovative action to be taken to address the threats posed by the current crisis to growth and Africa’s development;

Select target paragraph3