golden reserves

Economic Commission: 45 African ministers call for IMF reform

By Yara Rizk, Yara Rizk

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Posted on May 4, 2023 13:52

 At the 55th session of the Economic Commission for Africa (ECA). © UNECA.
At the 55th session of the Economic Commission for Africa (ECA). © UNECA.

First came Covid-19, followed by the war in Ukraine, and escalating climate emergency. Faced with economic challenges, African ministers of finance, planning and economic development are calling for decisive changes to the International Monetary Fund.

Reform dominated the conversation at yet another spring meeting of the World Bank (WB) and International Monetary Fund (IMF) in March. Representatives of 45 African ministries of finance, planning, and economic development met with African Union (AU) representatives, along with those from the AfDB, and Afreximbank for the 55th session of the Economic Commission for Africa (ECA).

During the meeting, the African ministers called on the IMF to strengthen its operational model, lending practices, and governance strategy, with the aim of “better addressing exogenous global shocks such as the Covid-19 pandemic, the war in Ukraine, and the ongoing climate crisis”.

Sale of IMF gold reserves

Of particular concern to the ministers was the lack of resources for the Poverty Reduction and Growth Trust (PRGT), established in 2005 by the IMF, and called for immediate action to increase funding pledges

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