The first session of the Joint annual meetings of the African Union (AU) conference of ministers of economy and finance and the United Nations Economic Commission for Africa (ECA) conference of ministers of finance, planning and economic development will take place in Ethiopia's capital Addis Ababa from March 31 to April 2.

The conference will also be the occasion of the start of a year long commemoration of the ECA's 50th anniversary, ECA said in a statement Tuesday.

As part of these celebrations, selected African heads of state and government and other eminent persons have been invited to reflect on the theme of the conference, which is "Meeting Africa's New Challenges in the 21st Century".

The ministerial conference will be preceded by a technical preparatory meeting of the committee of experts from March 26 to 29.

Poverty reduction in Africa remains a daunting challenge, as, in most cases, recent growth and improved macroeconomic management has yet to result in meaningful employment opportunities, the statement said.

The issue of state capacity to promote and guide the development process also remains a key challenge especially with regard to the provision of infrastructure and social services and in countries undertaking post-conflict reconstruction and development.

In addition to these long-term challenges, the majority of African countries are threatened by rising oil and food prices and the global credit crisis both of which can lead to a slowdown in key economies and also impact negatively on Africa's external debt situation.

The joint meetings will provide a platform for in-depth discussions and policy debate of these challenges and enable Ministers to articulate strategies and concrete actions for effectively confronting them.

(Xinhua News Agency March 13, 2008)