25 July 2007
Maputo — The annual meeting of the "African Caucus" of finance ministers, to he held in Maputo next Monday and Tuesday, will be an occasion for Africans to harmonise their positions in order to demand a greater say in the World Bank and the International Monetary Fund (IMF).
According to Mozambican Finance Minister Manuel Chang, speaking at a press conference on Wednesday, African countries want to be heard, and they want a larger share of the votes in the Bretton Woods Institutions.
Chang said Africa has had difficulty making its voice heard because of the way the votes are weighted against it. In the World Bank and the IMF, voting depends on wealth, and so power is concentrated in the hands of the rich countries of the north.
Change explained that the two institutions have "basic votes" and votes which come from purchasing an increased quota. Most African countries only have the basic votes because they have no capacity to increase their quota.
Africans, Chang said, "want to be listened to, we want our positions understood, and we want more Africans to work in the leadership, the administration and the services of the World Bank and IMF".
Other matters to be discussed at the meeting include the role of the IMF in Africa, the increase in financial resources for the development of Africa through the 15th replenishment of the International Development Association (IDA), the soft loans facility of the World Bank, and the reform of the African Caucus itself.
Chang said that so far 29 countries have confirmed their participation in the meeting, and he expected the number to rise, especially since some of those who have not yet formally confirmed are finance ministers from SADC (Southern African Development Community) countries, who will be in Maputo anyway, for a meeting that begins three days before the caucus.
In all, it is expected that at least 46 ministers and governors of central banks will attend the Caucus meeting, as well as senior figures from the World Bank and the IMF.
Set up in 1863, the African Caucus is a forum for consultation and harmonization between African finance ministers and central bank governors. The chairmanship rotates, and Mozambique has held the position since September 2005. Chang will hand the chair over to his Mauritanian counterpart, who is currently deputy chair, in October of this year
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