38Two, debt. In 1994, the debt-to-G

38
Two, debt. In 1994, the debt-to-GDP ratio of African countries was 130 percent, and they didn't have fiscal space. They couldn't use their resources to invest in their development because they were paying debt. There may be some of you in this room who worked to support African countries to get debt relief. So private creditors, multilaterals and bilaterals came together and decided to do the Highly Indebted Poor Countries Initiative and give debt relief. So this debt relief in 2005 made the debt-to-GDP ratio fall down to about 30 percent, and there was enough resources to try and reinvest.

5:17
The third thing was loss-making enterprises. Governments were involved in business which they had no business being in. And they were running businesses, they were making losses. So some of these enterprises were restructured, commercialized, privatized or closed, and they became less of a burden on government.

5:37
The fourth thing was a very interesting thing. The telecoms revolution came, and African countries jumped on it. In 2000, we had 11 million phone lines. Today, we have about 687 million mobile lines on the continent. And this has enabled us to go, move forward with some mobile technology where Africa is actually leading. In Kenya, the development of mobile money — M-Pesa, which all of you have heard about — it took some time for the world to notice that Africa was ahead in this particular technology. And this mobile money is also providing a platform for access to alternative energy. You know, people who can now pay for solar the same way they pay for cards for their telephone. So this was a very good development, something that went right.

6:29
We also invested more in education and health, not enough, but there were some improvements. 250 million children were immunized in the last one and a half decades.

6:41
The other thing was that conflicts decreased. There were many conflicts on the continent. Many of you are aware of that. But they came down, and our leaders even managed to dampen some coups. New types of conflicts have emerged, and I'll refer to those later.

6:57
So based on all this, there's also some differentiation on the continent that I want you to know about, because even as the doom and gloom is here, there are some countries — Côte d'Ivoire, Kenya, Ethiopia, Tanzania and Senegal are performing relatively well at the moment.

7:14
But what did we do wrong? Let me mention eight things. You have to have more things wrong than right.

7:19
(Laughter)

7:21
So there are eight things we did wrong. The first was that even though we grew, we didn't create enough jobs. We didn't create jobs for our youth. Youth unemployment on the continent is about 15 percent, and underemployment is a serious problem.

7:36
The second thing that we did is that the quality of growth was not good enough. Even those jobs we created were low-productivity jobs, so we moved people from low-productivity agriculture to low-productivity commerce and working in the informal sector in the urban areas.

7:55
The third thing is that inequality increased. So we created more billionaires. 50 billionaires worth 96 billion dollars own more wealth than the bottom 75 million people on the continent.

Результаты (украинский) 3:

38%5 ETwo,%20боргу.%20В%201994,%20в%20боргу до ВВП%20співвідношення%20з 20% Африканських%20 країн%20був%20130%20відсотків,%20а%20вони%20той час%27т%20мають%20фіскальної%20простору.%20вони%20стверджували%27т%20використання%20їх%20ресурсів%20до 20% інвестують%20в 20-20%їх розвитку 20%20через%20вони%20були%20сплати%20боргу.%20там%20 травня%20бути%20деякі%20з 20% ви%20в 20-20%цього 20 кімнати%20хто%20працював%20до 20% підтримки%20Африканських%20 країн%20до 20% отримують%20боргу%20рельєф.%20Так%20приватних%20кредиторами;