Africa to lag recovery from crisis: AFDB

Africa was hit more quickly than expected by the global financial crisis and will pick up more slowly when the recovery eventually comes, the head of the African Development Bank said Sunday.

Donald Kaberuka, head of the AFDB, said most had expected the effects of the crisis to begin showing up in Africa after about 18 months because it was not so tightly integrated into the global financial system.

Instead, the slump had hit much faster, having an immediate impact on investment commitments while "credit flows had almost dried up," Kaberuka said.

Against that backdrop, "my concern (is that) once recovery sets in ... African countries will recover much more slowly," he said.

Africa had achieved much over the past 10 years, he said, adding: "We were beginning to succeed."

As the crisis plays out, the AFDB could only press ahead with its policy of supporting economic development and reform pending the upturn, he told a news conference at the regular spring meetings of the International Monetary Fund and World Bank top steering committees.

On Friday, a joint IMF/World Bank report had warned that up to 90 million more people would remain trapped in extreme poverty this year while the chronically hungry could top one billion.

African representatives have repeatedly said that their countries are among the most vulnerable to the crisis, with development gains made over the past 10 years, especially in poverty reduction, at risk.