19 September 2020 01:26 AM

CBE: Support provided from IMF, WB to Africa less than required to surmount economic crisis

Friday، 07 August 2020 - 10:46 PM

Governor of the Central Bank of Egypt Tarek Amer said on Friday that the support provided to African states from the International Monetary Fund (IMF) and World Bank (WB) is not enough to help these countries overcome their economic difficulties.

In his speech during the 2020 African Caucus Meeting of the Governors of the World Bank Group (WBG) and the International Monetary Fund (IMF), he noted that the support must be sufficient to help them achieve notable results in their efforts to face the consequences of the COVID-19 crisis.

Amer urged both the IMF and WB to negotiate with the G7 member states to stem the illicit financial flows from the African continent to the advanced countries, noting that these flows are a clear impediment to African development.

He also asserted, during the virtual meeting, the importance of seeking new solutions to address Africa’s current economic and financial woes.

Some 250 delegates from Africa as well as the International Monetary Fund (IMF) and World Bank Group met to set the vision and identify the ambitions for Africa to build and strengthen resilience to future shocks as the region recovers from the Covid-19 pandemic.

The meeting is held under the theme "Protecting Africa's Human Capital in the Face of Covid- 19: Saving Lives, Preserving Well-being and Safeguarding Productivity and Jobs".

Established in 1963 as the "African Group," the African Caucus was set up with the objective of strengthening the voice of African Governors in the two Bretton Woods Institutions on development issues of interest to Africa. Membership is open to all African countries that are members of the International Monetary Fund and World Bank Group.


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