Annual Meetings, World Bank/IMF-AfDB Continues to Call for New Resources

Share |

From: 06/10/2009
To: 07/10/2009
Location: Istanbul, Turkey

The Annual Meetings of the World Bank and the IMF are taking place in Istanbul, Turkey, against the backdrop of a global financial crisis. “The crisis is far from over,” many economists underscored in various seminars held within the framework of the Annual Meetings. “The direct victims of this crisis who are in low-income countries, especially in Africa, should not be forgotten,” IMF Managing Director, Dominique Strauss-Kahn, said. The most optimistic participants in Istanbul are talking of “an end to the recession.” In order not to relent on efforts made in 2009, the 186 member countries of the Fund and World Bank have agreed to maintain their economic revival policies.

Strong AfDB Delegation

Meanwhile a strong AfDB delegation, led by AfDB President, Donald Kaberuka, is attending the event, and it is holding meetings with the institution’s governors and heads of other institutions. Mr. Kaberuka has made a clear statement; saying that faced with increasing demand from African countries, the AfDB is calling for a general increase in its resources. It is necessary to recall the decisions at the G-20 Summit in London and commitments to increase resources for multilateral development banks. After Canada’s decision to increase its callable capital to the AfDB, the institution’s management is confident and optimistic.

The AfDB delegation at the Istanbul annual meetings includes Vice Presidents Nkosana Moyo, Thierry de Longuemar, Aloysius Ordu, as well as the AfDB Chief Economist, Louis Kasekende; the General Counsel, Kalidou Gadio; AfDB directors, advisers and sectoral officials.

Bank Group President Focuses on Financial Crisis and Other Issues While in Istanbul

While in Istanbul, Turkey, where the Annual Meetings of the World Bank were taking place, Bank Group President, Donald Kaberuka, shed more light on the institution’s action following the outbreak of the global financial crisis. He also addressed the issue of more resources for the Bank Group to enable it meet increasing demand from its regional member countries that have been hit hard by the economic downturn. Speaking on BBC Focus on Africa on the sidelines of the Annual Meetings, Mr. Kaberuka said that growth was very strong for Africa prior to the crisis, adding that it was important for an intelligent debt management strategy to be designed on the continent.