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Economic Report on Africa 2008

Africa and the Monterrey Consensus - Tracking Performance and Progress

image of Economic Report on Africa 2008

Economic Report on Africa (ERA) is the key instrument through which African economic performance is tracked and assessed by the United Nations Economic Commission for Africa (ECA) and the African Union Commission (AUC). One of the main goals of the ERA is to identify policy challenges that countries face on the continent and to suggest practical solutions. ERA 2008 assesses progress in terms of meeting international commitments to Africa in the six core areas of the Monterrey Consensus: mobilizing domestic financial resources for development; mobilizing international resources for development; promoting international trade as an engine of development; increasing international financial and technical cooperation for development; external debt relief and sustainability; and addressing systemic issues.

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Development challenges for Africa in 2007

This chapter discusses two important global challenges facing Africa: issues in international trade and challenges in accelerating progress towards reaching the MDGs. The new major development in the area of international trade is the launch of the Aid for Trade (AfT) initiative and the regional review, which was organized jointly by ECA, AfDB, and World Trade Organization (WTO).

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