How has the global financial crisis affected Africa, specifically Ethiopia?
It is sure that the global financial crisis has a negative effect on developing countries, including Ethiopia. But what affects us the most is the global economic crisis. First, the price of many commodities, raw materials, and the agricultural products has fallen so there is less revenue from exports. Secondly, remittance income from natives in foreign countries has decreased as there are huge lay-offs of employees. And thirdly, financial aid and loans for developing countries has decreased. These are the main negative effects of the current global economical crisis affecting the developing countries. Q: Tell me about the Sana’a Forum summit that recently took place in Khartoum. A: At the end of 2008 the Sana’a Forum for cooperation held its summit in Khartoum, Sudan. It should be recalled that the Forum was established in Yemen in 2002 and included countries of the South Red Sea and the Horn of Africa. The Forum has achieved tangible results in the political, economical, social, and
