President Koroma on fight against poverty
President Dr. Ernest Bai Koroma has emphasized his government’s determination to implement poverty alleviation programmes aimed at improving the livelihood of the underprivileged and the vulnerable in Sierra Leone. (Photo: Finance Minister Samura Kamara) The President made this statement during the opening ceremony of the African Caucus meetings; which is the meeting of African Ministers of Finance and Bank Governors held at the Miatta Conference Centre in Freetown.
“The Government and people of Sierra Leone are glad to be your host to the 2010 meetings of the African Caucus,” President Koroma said adding that the African Caucus provides an opportunity once every year for high level African policy makers and advisers to meet, discuss and share ideas and experiences in the management of their economies.
Commenting on the relationship between Africa and the Bretton Woods Institutions, he said Africa has come a long way in her relationship with the Bretton Woods institutions, noting that “from the structural adjustments of the mid-eighties to the recent enhanced credit facilities, we have been able to take measures that have over the years made our economies more resilient.”
Speaking on the economic status of Africa, the President affirmed that African Countries have made significant progress in ensuring macro-economic stabilization. “You would however recall the contagion of the recent financial, economic and food crisis on our economies. The combination of these meant that our continent became even more challenged in our drive to achieve macroeconomic stability and sustained growth,” he emphasized.
President Koroma noted that most advanced countries are now frowning at the stimulus packages that have played a critical role in promoting the global economic recovery. He suggested that it will be important that the Bretton Woods Institutions take note of the impact of these developments on their economies and provide appropriate financial instruments and other forms of assistance to the continued financing of their development and poverty reduction efforts.
The President welcomed the ongoing IMF review and expressed delight over what he referred to as “timely and appropriate response” of the IMF to his country during the international financial crisis. He also applauded similar actions taken by the World Bank. He further recommended that the two institutions (IMF & World Bank) support new and flexible lending instruments that will help Least Developed Countries to withstand severe and negative shocks.
He emphasized that the voice and representation of African Countries should be improved in the two institutions. President Koroma expressed appreciation over the addition of an Alternative Executive Director in the IMF and the third Chair in the World Bank.
He urged African Ministers of Finance to take advantage of these opportunities provided by these two institutions. He expressed desire for a third Chair in the IMF, which he said will ensure parity and effectiveness in African representation in the two institutions. President Koroma then highlighted the importance of infrastructural development, which is the engine of growth. He also advised the Ministers to engage the World Bank and regional development Banks to scale up their resources to finance infrastructural development in the continent.
The President mentioned agricultural development as a strategic priority in his Agenda for Change, noting that the resources available for improving agriculture in the country are grossly inadequate. He urged African Ministers of Finance to intensify their efforts and deepen their engagements with the World Bank Group and the African Development Bank, in order to advocate for additional resources for agricultural development in their countries.
He finally urged the Bretton Woods Institutions to engage development partners to increase their aid to Africa. “These two institutions should develop financing mechanism that will continue to support our countries during these difficult times,” he concluded.
President Koroma and VP Sam Sumana (in center) surrounded by African Ministers of Finance and Bank Governors
By Eva Parkinson, published on www.SierraUpdate.co.uk
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