African Development Bank chief urges continent to learn from Greek crisis

Donald Kaberuka, whose tenure as African Development Bank president ends in September, has warned African countries to keep an even economic keel. Photograph: Chip Somodevilla/Getty Images

Donald Kaberuka, the outgoing president of the African Development Bank (AfDB), has cautioned African countries to heed lessons from the Greek debt crisis and consolidate economic stability, with growth in the continent set to be driven by increased public expenditure.

Saddled with massive debts and with its battered economy mired in recession, Greece faced the prospect of defaults on its loans and the collapse of its financial system before it reached a last-minute deal on yet another bailout.

Some countries in Africa are experiencing similar struggles to keep deficits and debts under control.

“What is going on in Greece is an important lesson for African countries, that macroeconomic stability should never be taken for granted,” said Kaberuka, who leaves office in September after his 10-year tenure as AfDB chief.

Read more: African Development Bank chief urges continent to learn from Greek crisis | Global development | The Guardian

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