After 73
years of their existence, both the International Monetary Fund (IMF) and
the World Bank are ripe enough for reform to make them responsive to
the needs of developing countries and reflect the realities of the 21st
century...
According to the Minister of Foreign
Affairs, Geoffrey Onyeama, who slammed the Bretton Wood Institutions for
its rigid structure at the 41st Ministerial Meeting of the Group of 77
plus China (G77+China) on the sidelines of the UN General Assembly,
there is a need for a reform of their governance structure to enable
them take advantage of the
local knowledge that developing countries can bring to the work of the
institutions. The World Bank and IMF were established at a meeting of 43
countries in Bretton Woods, New Hampshire, USA in 1944.
Onyeama commended the G77, a coalition of
developing nations at the UN that promotes its members’ collective
economic interests and create an enhanced joint negotiating capacity in
the UN, for its role at shaping global discourse on the implementation
of the Sustainable Development Goals (SDGs) through a collective and
robust engagement, in contrast to the disposition of the World Bank and
IMF, seen as wielding tremendous power and influence, but exclude the
voices of developing countries, which are worst affected by financial
and trade policies.
He stated: “Equally important in the
international development strategy is the need for a reform of the
governance structure of the Bretton Wood Institutions. Not only should
they be made more transparent, consultative and inclusive, but also they
should be more responsive and appreciative of the peculiar needs of
developing countries.
“In consonance with the principle of
ownership, the greater infusion of developing countries in the
governance structure of Bretton Wood Institutions would undoubtedly
allow them to take advantage of the local knowledge that developing
countries can bring to the work of the institutions,” he said.
Onyeama said the group, to which all
theAfrican countries are members, is a formidable group within the
international system.“We echo one another in our conception,aspirations
and desire for a world that isjust, fair, inclusive and tolerant.“The
G77 should not relent in its demand for a more equitable international
trading system as trade is an essential tool for economic development.
It is, therefore, imperative that the global community should, as a
matter of urgency and fairness, address factors responsible for trade
imbalance between the North and South.“Such as the protectionist
measures and barriers to trade policies of developed countries. Nigeria
joins others to underscore the necessity for the timely conclusion of
the DOHA Round of multilateral trade negotiation.”Onyeama said Nigeria
was pleased with the role of the G77 at curbing illicit financial flows
and the enhancement of asset recovery.
No comments: