Member states of the African Union (AU) will meet in Tunis next month to respond to the global financial crisis.
 
The AU has meanwhile urged member states to be prudent in order to withstand the impact of the turmoil. "We urge African governments to pursue prudent monetary and fiscal policies to mitigate the effects of falling world markets on the continent, in a manner that does not compromise our development," African Union Commission chief Jean Ping said.

African economies have been growing at their fastest pace for some time now, thanks in part to rising foreign investment.
 
But the global economic slowdown forced the IMF to revise southwards Sub-Saharan Africa’s growth forecast to 6% in 2008 and 2009, from about 6.5% in 2007.

"There is no doubt it will have serious repercussions on capital flows and their sustainability, as well as on trade in Africa," Ping said of the global financial turmoil.