Patrice Talon’s address for more funding to Africa during the African Caucus of Cotonou

May 03, 2017 Written by

African Governors of the World Bank and of the International Monetary Fund (IMF) and the ministers of finance and development of the continent met in Cotonou for two days of summit.

from Thursday, August 4, 2016. This edition of "African Caucus" is held on "Increasing the support of the Bretton Woods institutions in order to respond to shocks, enhance growth, and promote the transformation of Africa.".

At the opening of the summit, the President of the Republic called for an increased IMF and World Bank funding for Africa. He also underlined the global financial traffics that make Africa lose some financial resources. By denouncing the predatory pricing of financial transfers, for example, Patrice Talon called for "a global collaboration to reduce the costs of money transfers and amplify their impacts on development".

But the Head of State also called on African leaders for a sound management of public money :

"We must improve governance in our respective States and change our relations to financial aid in order to finally turn it into a tool that unleashes the potential of domestic resources."

Patrice Talon's dream is to see the African continent do a miracle as did the Asian countries.

The African Caucus of Cotonou will help the continent’s finance bosses harmonize their views on several issues of economic development of the 54 countries they represent. They will then share the same position in the IMF and World Bank, as stated by the Caucus Chairman, Mr Abdoulaye Bio Tchane, Benin Minister of Development :

"This meeting is both a time of reflection and innovation on the structural transformation of Africa: reflection on the past actions of both institutions [World Bank and IMF, Editor's note], innovation for their future actions."

The African group of governors of the World Bank and the IMF, called "African Caucus", was founded in 1963 to make the voice of Africa heard at the annual meetings of the Bretton Woods institutions.

Vincent Agué (@afoukin)

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