African Ministers call for 'an IMF that is fit for the 21st Century' ECA_OFFICIAL: Africa
African Ministers of Finance, Planning and Economic Development have called for reforms aimed at strengthening the International Monetary Fund’s operation model, lending instruments and governance structure to deal more effectively with global exogenous shocks such as the COVID-19 pandemic, the war in Ukraine and the unfolding climate crisis.
Coordinated by the Economic Commission for Africa , the High-level Working Group comprises African Ministers of Finance, Planning and Economic Development, the African Union, the African Development Bank, Afreximbank, and the World Bank, and includes the participation of IMF staff and Executive Directors. The Group serves as a forum to develop reform proposals for the global financial architecture and strengthen the African voice on the global stage.
Ministers emphasized the need to revisit access limits as resources become available. Specifically, they requested an increase in the PRGT’s annual access limit to 200% of quota and in the cumulative access limit to 600% of quota – in line with the recently agreed-on increases for the General Resources Account access limits.
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