Finance Minister off to World Bank /IMF Meeting

The Minister of Finance and Economic Planning, Hon. Yaw Osafo Maafo, will lead a four-member Government delegation to participate in this year’s World Bank/IMF Annual Spring Meeting.

The meeting which will take place in Washington DC from 12th – 17th April, 2003, will focus mainly on the review of progress on Poverty Reduction Growth Facility (PRGF) and Poverty Reduction Support Credit programmes and agreement on future strategic plans.

The Minister will take the opportunity to honour an invitation to address the African Stock Exchange Development Forum in New York, USA. He will espouse a strong case for investment in Africa the ECOWAS perspective on the topic “Is Africa Ready For Portfolio Investment?” The Minister will also apprise the forum of the progress Africa has made on various reform fronts, and the reality of the unknown potentials that make Africa suitable for foreign portfolio investment.

Developing Countries Seek More Aid, Cite Iraq War

Finance Ministers and Central Bank governors from developing countries are asking for more international aid to help them recover from the negative economic impact of the Iraq war.

The officials from the Group of 24, a coalition of countries from Africa, Asia and Latin America, made their appeal Friday in Washington ahead of the two-day meeting of the International Monetary Fund and the World Bank that begins Saturday.

In a statement, the G-24 officials said they are concerned about the situation in Iraq, including the humanitarian plight of the civilian population and the destruction of of the country's physical and social infrastructure. They called on the United Nations to address the crisis, meet the need of the Iraqis and contribute to rebuilding Iraq. They also urged IMF and the World Bank to help Iraq.

But they also called on the industrialized nations not to forget the poor countries and stand ready to provide special financing to them.

African members of the Group of 24 say earlier crises, Afghanistan in 2001, Kosovo in 1999, and before that Eastern Europe after the collapse of Communism, drew resources from African development. They expressed hope they will not go through a similar experience again.

The G-24 groups Algeria, Argentina, Brazil, Colombia, the Democratic Republic of Congo, Egypt, Ethiopia, Gabon, Ghana, Guatemala, India, Iran, Ivory Coast, Lebanon, Mexico, Nigeria, Pakistan, Peru, the Philippines, South Africa, Sri Lanka, Syria, Trinidad and Tobago, and Venezuela.