Luanda – Angola’s Minister of Finance, Vera Daves de Sousa stated on Wednesday, in Morocco, that sub-Saharan Africa must increase its representation on the Board of Directors of the International Monetary Fund (IMF).
This observation was made during her speech at the Round Table on “IMF Priorities and Policies”, promoted by US Treasury Secretary Janet Yellen.
According to the head of the Angolan delegation, who is in Marrakech for the annual meetings of the World Bank Group and the International Monetary Fund, there is a legacy recorded in resolutions that needs to be resolved for the IMF to successfully fulfill its commitment to give greater visibility to Sub-Saharan African countries in the global macroeconomic scenario.
“It is necessary to appoint the third President for Sub-Saharan Africa on the IMF Board of Directors, who is the least represented on the board. Strong institutions fulfill their commitments. Let us make the IMF fulfill its commitment to increase the voice of sub-Saharan Africa. Let’s strengthen the IMF together with more support from our region” she warned.
Vera Daves de Sousa, assured, on the other hand, that Angola supports the continuity and increase of quotas, as well as the completion of the 16th general review of them, to improve the “firepower” of the IMF.
“The creation of the third President will be convened with reform measures, including the recent decision by the G-20 to establish a permanent representative to the African Union, in order to strengthen Africa's voice on important global financial issues,” she said.
The Angolan Finance Minister stressed that several countries have grown and their positions in the world economy have changed, in a context “of crisis after crisis and developing economies, have been drastically affected. Therefore, stronger action is required on the part of the IMF, greater participation of all in decision-making and a more representative voice of the countries”.
The minister also considered that the relevance of the Bretton Woods institution depends on the ability to adapt its political advice and set of lending tools, given the central role it plays in the global financial architecture.
“We understand that a reinvestment in the institution is necessary. In the future, it will continue to be necessary to adapt it to changes in reality and strengthen it, in the fulfilment of its mission, so that it can continue to better play its role of providing solid macroeconomic support, policy advice, technical assistance and financial assistance to countries”, She emphasized. AC/TED/DOJ
