Global Policy Forum

Africa Wants Bigger Say at IMF

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By Andrew Walker

BBC
April 25, 2004

 

Many African Finance ministers are in Washington for the spring meetings of the International Monetary Fund (IMF) and the World Bank.

They have been continuing their long-running efforts to get a more effective voice for the continent in running the two organisations.

They are still not satisfied with the results, with African countries feeling they are badly under-represented at the IMF and the World Bank.

The system under which decisions are taken gives most votes to countries with large economies so the rich countries are strongly represented, certainly out of proportion to their populations.

'Appropriate representation'

Contested votes are rare in the key decision-making committees of the two institutions but it still rankles with many developing nations who feel their voices are not properly heard.

El Zubier Ahmed el Hassan, finance minister of Sudan, said: "Finding solutions to Africa's problems and addressing effectively the daunting challenges Africa faces would be significantly facilitated if Africa is more appropriately and efficiently represented around the table where decisions that matter are being made."

African countries also feel under-represented in the staff of the two institutions.

Another finance minister called for an African second-in-command at the IMF.

Many of them are clearly irritated by the process currently under way to select a new managing director for the IMF.

Procedure criticised

It appears increasingly likely that the former Spanish Finance Minister, Rodrigo Rato, will be appointed in line with the past practice that a European always get the job.

There has been much praise for him personally but a great deal of criticism for the procedure.

The G24 Group of developing nations said Mr Rato is someone who is sympathetic to the challenges being faced by the developing world.

But in a communique, the G24 ministers said they were "particularly concerned that the selection process for the managing director of the IMF continues to fall far short of the standards of good governance, transparency and inclusiveness widely advocated by the IMF and World Bank in their relations with member countries".

 


 

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