Before the global crisis, Africa was already facing manifold and deep-rooted problems: decent work deficits, extreme poverty, hunger, HIV/AIDS, debt, inequalities and civil conflicts.

While the direct impact of the first wave of the crisis has been stronger for countries with higher degrees of financial integration, it quickly spread to other countries. International financial aid was key to preventing a number of countries fall deeper into poverty.

But boosting incomes and accelerating job creation will require stronger employment policies and a sustained improvement in macroeconomic management, governance and the business climate.

Economic recovery and resumed progress toward the Millennium Development Goals rely heavily on external finance from the multilateral institutions, through reinforced liquidity and fast-disbursing lending facilities.