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EXECUTIVE BUREAU – NAIROBI - Session of 7-8 May 2009 - page 3 / 22

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billion Euros. Is this meant to patch up the financial system or is a new economic paradigm based on real and responsible regulation of economic activities emerging?

The recent G20 Summit held in London has planned to increase by USD 5, 000 billion its budget to revive growth and employment by 2010. Furthermore, it has planned to earmark USD 1, 100 billion to boost the funding of the world economy. This sum includes USD 750 billion for the IMF, USD 250 billion to boost global exchanges and USD 100 billion to support multilateral development banks such as the African Development Bank and the Asian Development Bank.

This crisis indicates that as a last resort the state is obliged to rescue capital holders, while labour is sacrificed through massive job losses and workers’ income losses. In this new context, this meeting of ITUC-Africa Executive Bureau is opportune. It provides an opportunity to examine the implications of the global financial crisis around the continent and to explore the ways by which the stakeholders in Africa’s development can contribute to overcome the challenges.

To continue this reflection, the rest of this paper will evolve around four other issues:

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      First of all, it will recall the means of transmission of the global financial crisis to African economies;

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      Secondly, it will indicate its economic and social implications for the continent;

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      Thirdly, it will underline the actions undertaken by ITUC-Africa and the international trade union movement within the framework of the global financial crisis;

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      Lastly, a conclusion will be drawn emphasising some strategic lines of action.

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    The means of transmission of the global financial crisis to African economies

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