African finance Ministers demand review of IMF conditions

African Finance Ministers have called on the International Monetary Fund to review its lending conditions in line with the changing dynamics of the Continent.

They made the call at the ongoing IMF/World Bank Annual Meetings in Washington DC.

The meeting has brought together several big shots from across Africa to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development and aid effectiveness.

At a meeting Saturday of African Ministers from Guinea, Kenya, Sierra Leone and Chad, there was unanimity amongst the Ministers that it was about time Africa invested more in infrastructure and energy.

The Chadian Minister of Finance and Budget, Bedoumra Kordje said: “Africa cannot continue to count on concessional loans; we need grants."

“We can only grow if we get more grants. That’s the best way to finance inelastic growth of poor countries”, he stressed.

According to the Ministers, the IMF must begin to show a lot more flexibility in its policies and this must be reflected in its programmes with other African countries.

Ghana is in talks with the Fund for a programme to help restore confidence in her economy.

A delegation from the IMF recently visited Ghana to kick start negotiations on a possible programme. A delegation from Ghana will also open a three-day discussion in Washington. The talks are expected to begin on Tuesday.

On the issue of Ebola, which has become a major threat to some Africa economies, the Ministers said there are fears that the disease could further cripple the growth of most African economies considering how it has affected tourism in some countries.

They urged the media to desist from being sensational with their reportage on the haemorrhagic fever.

The Ministers called on countries affected by the disease to review their infectious disease control strategy.