Maravi

African members not represented at IMF meeting in Washington DC

African members not represented at IMF meeting in Washington DC
By Mutale Kapekele in Washington DC
Fri 23 Apr. 2010, 04:00 CAT

The World Bank and the International Monetary Fund (IMF) have observed in their 2010 Global Monitoring report that the economic crisis that the world just experienced had slowed the pace of poverty reduction in developing countries.

And African members of the IMF, which includes Zambia, has remained without representation in the fund’s annual meetings, which commenced yesterday that planned its programmes and formulated policy.

Presenting the global monitoring report to the press yesterday, IMF deputy managing director Murilo Portugal and World Bank chief economist Justin Lin, observed that the global economic crisis having reduced the chances of the world attaining the Millennium Development Goals (MDGs) on hunger and related goals, would continue affecting development prospects beyond 2015, the target for achieving the goals.

Portugal said 53 million people would remain poverty-stricken as a result of the crisis.

“The global economic crisis has slowed the pace of poverty reduction in developing countries, and is hampering progress toward the other Millennium Development Goals (MDGs),” Portugal said.

“The crisis is having an impact in several key areas of the MDGs, including those related to hunger, child and maternal health, gender equality, access to clean water, and disease control and will continue to affect long-term development prospects well beyond 2015. As a result of the crisis, 53 million more people will remain in extreme poverty by 2015 than otherwise would have.”

He warned that the number of poor people on the African continent could go up in the next five years. Portugal said it was unlikely that the MDG concern with hunger would be achieved by 2015.

Labels: GREAT DEPRESSION II, IMF, World Bank

posted by MrK @ 3:06 PM