In the statement at the end of the two-day IMF/Africa Conference, the three leaders said Africa must be represented in the evolving global architecture. They urged the international community to urgently direct more resources to poor nations in Africa and open their market to products from the continent in the wake of the global economic meltdown.
"This is the worst economic crisis of our lifetime, affecting the lives and hopes of people around the world," reads the statement. They noted that the conference attended by African policymakers, development partners, business leaders and the civil society, wanted the G-20 Summit to be held in London, next month to address itself to Africa’s needs.
The three leaders called upon the international community to fulfil the promises already made to significantly increase aid flows. They said African nations must continue to strengthen their economic policies and ensure good governance. "Good governance cannot be sacrificed in this timeof crisis," adds the statement.
African countries have also been asked to continue creating conditions that would attract more private investment on the continent. The IMF was asked to increase its support to Africa with more financing, greater flexibility, enhanced policy dialogue and further strengthening of Africa’s voice in the Fund.
Meanwhile, President Jakaya Kikwete today appealed to the International Monetary Fund (IMF) to reduce charges for its experts providing technical assistance in developing countries, pointing out that the current costs are prohibitive. Speaking during a panel discussion at the IMF/Africa Conference, President Kikweteurged the Bretton Woods institution to reduce the charges or offer the services free to poor countries.
The president’s views were supported by a senior World Bank official, Ngozi Okojo-Iweala, who said Africans in the Diaspora could also be called in for the task. IMF Managing Director Dominique Strauss-Kahn pledged to consider the request, but said the Fund was not ready to offer such services free. He said the IMF could increase the charges to rich countries, but look at poor nations on individual cases. The IMF chief, however, defended payment for the services saying it reflected partnership and not a case of a powerful body giving orders to an inferior entity.
Daily News
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