Strengthening of health systems, response to factors of vulnerability, strengthening of resource mobilization, promotion of the private sector are, among others, the points on which the African Consultative Group calls for rapid and effective intervention Bretton Woods institutions
The International Monetary Fund (IMF) and the World Bank now know what African countries would need from them to support them. As Chairman of the African Advisory Group (ACG) of the two Bretton Woods institutions, the Cameroonian Minister of Economy, Planning and Regional Development informed them of this during the Meetings of Spring of the IMF and the World Bank, during a video conference which took place this April. Minister Alamine Ousmane Mey indeed presented the main areas in which Africa would like to see World Bank and IMF interventions accelerate.
Current affairs require, African countries are concerned about the strengthening of their health systems and the response to the repercussions of Covid-19. “It is essential that these two institutions mobilize rapidly, efficiently and in a modular manner the existing mechanisms and instruments in order to support the efforts made by African countries to face up to human tragedy and the economic fallout caused by this pandemic”, the president of the ACG emphasized.
Human Capital Project
In concrete terms, the World Bank is invited to intensify its action alongside the countries in the framework of the human capital project. More precisely, insisted Alamine Ousmane Mey, it is a question of intensifying its support for the design of health systems, of supporting the development of health establishments and viable systems, of increasing its interventions in favor of the sector health by increasing financial aid, provide short-term emergency budget support to the country.
The IMF is also called upon in this area to further strengthen assistance to all countries on the continent and even more to fragile states affected by conflict. These include accelerating the implementation of its program on fragile states; provide advice on macroeconomic measures to be taken in order to provide urgent and targeted support to the health sector; meet the expected increase in financial needs of African countries; and ensuring that existing mechanisms are adequately resourced.
Debt-related vulnerability
While the health aspect occupies an important place in the concerns of African countries, other areas are not overlooked. The African Advisory Group hopes that the World Bank and the IMF will help them to better respond to the vulnerabilities linked to debt and financing needs, by undertaking a more in-depth analysis of the consequences of the Covid-19 pandemic. African states are concretely seeing their debts canceled, in order to have greater resources.
The support of the Bretton Woods institutions is also desired to strengthen the mobilization of domestic resources and to control illicit financial flows. Despite some progress, revenue collection remains below potential. “We call on the Bank and the IMF to strengthen coordination with recipient countries and other international financial institutions to meet” the challenge of tax evasion.
Another complaint in the African game: the promotion of the development of the private sector. The glaring infrastructure deficit in Africa, estimated at $ 100 billion (about 5,000 billion FCFA) each year, darkens the continent’s development prospects and limits its capacity to provide jobs for young people. All of which should ultimately accelerate job creation and promote economic transformation.
