itemprop=description content=Analysis - The annual meetings of the World Bank and International Monetary Fund (IMF) are due to take place in Marrakech, Morocco, in mid-October. The city and country are still reeling from a devastating earthquake in early September.
Hosting these meetings on the African continent for the first time in half a century under such circumstances carries immense symbolism, serving as a demonstration of resilience.
Unfortunately, many sources of finance, including those from the World Bank and IMF, don't adequately cater for African nations' specific needs. Imposing a uniform policy approach on African countries has only worsened crises, limiting their policy space. For instance, Africa is meant to go through lengthy and strict processes to justify why it needs resources to support certain green projects. This adherence to specific orthodox macroeconomic principles is less strict when applied to wealthier countries. But it's inflexible for vulnerable African countries.
a revaluation of the use of Special Drawing Rights . SDRs are used by IMF member countries as part of their foreign exchange reserves. Given Africa's marginal share, stakeholders are demanding that the IMF reallocate US$100 billion to ease liquidity pressures post COVID-19. Meanwhile, the World Bank faces its own set of challenges. The bank should focus on providing cheaper financing and making more funds available as part of its quest to integrate sustainability, resilience and inclusivity in the
In addition, the international tax system perpetuates historical power imbalances. It favours wealthy nations' commercial interests and pushes Africa to the margins. Implementing more robust and transparent financial regulations is essential to increase the number of participants and instruments in the financial market. But this should be done through better rules that promote a variety of financial services and lower their cost.
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