The World Bank Group and the International Monetary Fund (IMF)
Leaders of the World Bank, International Monetary Fund and other global Christine Lagarde, speaking Tuesday at a news briefing in Beijing, said going and prevent this from poisoning the overall relationship," Lee said. The World Bank Group works with developing countries to reduce poverty and increase shared prosperity, while the International Monetary Fund serves to. The International Monetary Fund (IMF) and the World Bank have been central to international finance and economic development since the s, and they.
Founded more than sixty years ago, the key plank for which the society gained more popularity was for the career progression of the African professionals who work in the Breton Woods institutions.
Sidi Jammeh is a former World Bank staff and an advocate for racial equality. When I was appointed in to be the chairman, we had some African professionals in both institutions.
The specific remit for me was to support career progression concerns just as we were all there to serve both institutions.
How Africans emerged in the World Bank, IMF - Vanguard News Nigeria
As ambassadors of the continent in the twin institutions, we also use the platform provided by the Society to showcase the uniqueness of our culture. What necessitated the founding of the society? When it was set up, it was supposed to be an organization that represents our career interests; however, it turned out to be more of a social organization busy trying to project the African culture and throwing big parties.
Basically, the organization was created to be a true representative of Sub-Saharan African staff away from home in a foreign land working in such big institutions.
But during the early years of its formation, its activities were more on the side of projecting the African culture. Subsequent years saw the society reinventing itself rallying around certain issues of career.
It is the course of championing career causes and contributing to enhancing the relationships between the Bank and the Fund and the African-client countries that it morphed into the powerful networking body that it is today. Who were the founding fathers of the society and what were their contributions to the cause? Well before then, there had been some African staff who invested their time and effort into setting up this voluntary organization.
IMF and World Bank members must stop rise of economic non-order
How would you describe the contributions of these founding fathers? Another important reason for the founding was also to create a platform for interactions and exchange of views on challenges amongst the African staff and the Africa Region. What do you consider your milestone achievement during your time as Chair of the society?
I thought we could use the Society not only for career interests in terms of intake into the institutions but also in terms of career progression. That was a major objective of my own tenure. Several other countries, particularly among the advanced economies, have also failed to transform their domestic policies to account for changes to economic relationships resulting from globalisation, liberalisation and deregulation.
As a result of all of this, the balance of winners and losers has become increasingly extreme and more difficult to manage, not just economically, but also politically and socially. With too many people feeling marginalized, forgotten and dispossessed — and angry at the leaders and institutions that have allowed this to happen — domestic policy pressure has intensified, causing countries to turn inward.
All are casting a shadow on the future of the global economic system.
What are the main concerns and criticism about the World Bank and IMF?
These dynamics are stoking trade tensions and raising the risk of economic fragmentation. If this trend continues, the global economic and financial configuration will become increasingly unstable, amplifying geopolitical and security threats at a time when better cross-border coordination is vital to address threats from non-state actors and disruptive regimes, such as North Korea.
Over time, the risks associated with this shift toward a global economic non-order could have severe adverse effects on geopolitics and national security.
None of this is new.
How Africans emerged in the World Bank, IMF
This year is likely to be no different. Instead of discussing concrete steps to slow and reverse the march toward a global economic non-order, officials will probably welcome the cyclical uptick in global growth and urge member countries to do more to remove structural impediments to faster, more durable, and more inclusive growth.
The forthcoming meetings offer a critical opportunity to start a serious discussion of how to arrest the lose-lose dynamics that have been gaining traction in the global economy.