To: 07/10/2009

Location: Istanbul, Turkey

The Annual Meetings of the World Bank and the IMF are taking place in Istanbul, Turkey, against the backdrop of a global financial crisis. "The crisis is far from over," many economists underscored in various seminars held within the framework of the Annual Meetings. "The direct victims of this crisis who are in low-income countries, especially in Africa, should not be forgotten," IMF Managing Director, Dominique Strauss-Kahn, said. The most optimistic participants in Istanbul are talking of "an end to the recession." In order not to relent on efforts made in 2009, the 186 member countries of the Fund and World Bank have agreed to maintain their economic revival policies.

Strong AfDB Delegation

Meanwhile a strong AfDB delegation, led by AfDB President, Donald Kaberuka, is attending the event, and it is holding meetings with the institution's governors and heads of other institutions. Mr. Kaberuka has made a clear statement; saying that faced with increasing demand from African countries, the AfDB is calling for a general increase in its resources. It is necessary to recall the decisions at the G-20 Summit in London and commitments to increase resources for multilateral development banks. After Canada's decision to increase its callable capital to the AfDB, the institution's management is confident and optimistic.

The AfDB delegation at the Istanbul annual meetings includes Vice Presidents Nkosana Moyo, Thierry de Longuemar, Aloysius Ordu, as well as the AfDB Chief Economist, Louis Kasekende; the General Counsel, Kalidou Gadio; AfDB directors, advisers and sectoral officials.

Contacts

Moktar Gaouad