Africa must reduce the multiplicity of decision centres, 53 states, 53 ministers of finance…, and interlocutors and integrate its development programmes for the continent to achieve meaningful development, the former World Bank President, James Wolfensohn, said today in Tunis. Mr. Wolfensohn delivered the conference within the framework of the Bank Group's Eminent Speakers Program, attended by Diplomats, AfDB staff and the top management led by Bank President Donald Kaberuka on the theme, "Africa in a Global World: Partnerships for Success".
The exhaustive intellectual exchange was opened by Mr. Kaberuka who introduced the eminent speaker as the champion of the campaign "that made the World Bank to abandon old habits" that hindered corporate change and to "refocus attention on Africa". He was the brain behind the Highly Indebted Poor Countries Initiative (HIPCs) in the 1990s, which has helped many poor country reduce their external debts as well as the idea that member countries should claim ownership of the development process by working closely with the multilateral development institutions, making it possible to replace "conditionalities" with jointly prepared Poverty Reduction Strategy Papers (PRSPs).
Mr. Wolfensohn gave an overview of the current global economic situation noting that there has been a fundamental change in the past 50 years that made it possible for less than 20% of the global population to own 80% of the world's income while the remaining 80% of the population or 5 billion people depend on the remaining 20%. If changes are made to correct this situation, these figures will come down from 80% to 35% and from 20% to 65%. Therefore Mr. Wolfensohn explained, Africa, which gets 2.5% of world income with projects that this could rise to 3%, really has a lot of work to improve the situation.
Citing the Bank Group's Independent High Level Panel report, the former World Bank Chief gave four conditions, among others that Africa must fulfill to make progress: ensure peace and stability, improve the pace of economic reform and avoid slippages, build institutional capacity, and ensure good debt management. The rich world must help Africa to accomplish these prerequisites for economic growth and development.
Related links and documents:
* Opening Statement by President Kaberuka
* Closing Statement by President Kaberuka
