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EXECUTIVE BUREAU – NAIROBI - Session of 7-8 May 2009 - page 18 / 22





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In the frame of this debate and these consultations, ITUC-Africa made some suggestions related to three lines of action, namely (a), (d) and (e).

Regarding the line of action (a), ITUC-Africa insisted on the risks of job losses, intensification of migratory tensions and degradation of governance due to the crisis, and stressed the need to take some adequate measures to limit these risks in order to sustain growth and promote development in Africa.

Concerning the line of action (d), the need to introduce fair voting rights has been mentioned. The voting system should not only be based on economic criteria, but also on demographic, social and geopolitical criteria to enable Africa as well as Asia and Latin America to participate effectively in the global economic and financial governance.

As far as the line of action (e) is concerned, it was indicated that it was essential to establish regulatory and compensatory mechanisms for essential commodities. These mechanisms would guarantee the stabilisation of essential commodities prices, which are the main exports of most African countries and their main sources of foreign currencies and budget resources.

By the time the London Summit ended, all stakeholders committed themselves towards four major orientations:

  • i.

    Mobilising resources to avoid financial bankruptcy – To this end, USD 1, 100 is earmarked for global financing;

  • ii.

    Condemnation of tax havens and the need to increase controls of speculative funds;

  • iii.

    Reinforcing the means and powers of international institutions including IMF, Forum for financial stability, the central banks institutional body;

  • iv.

    Taking into account new actors in the geopolitics and decision-making.


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