Sidi

Thanks for the posting on the economic summit. It's about
time that the IMF and World Bank reorientate and refocus
their policies and lending on the plight of African
countries. Which is the fight against poverty and
destitution.

We have suffered enormously and overwhelmed under the
claws of successive and numerous conditionalities imposed
by these institutions. In our own particular circumstance in
the Gambia, my position has always been that despite the
rhetoric of macroeconimic gains, there has always been
difficulties in translating these macro gains to tangible
micro benefits for the resource poor rural sector for whom
poverty reduction is more paramount.Villagers knows nothing
about interest rate and all he/she cares about is improving
his livelihood and providing health and education
opportunities for his family.

The emphasis on macroeconomic stability, and structural
reforms i.e. privatization and the objective of getting the
prices right, has not solved the engrained and endemic
poverty issues of the Gambia. It is imperative that
economic policy formulation in Africa charts in new path. I
think the Africa-Gabon summit is a step in the right
direction.

I also read that the IMF now have a poverty reduction and
growth facility where the emphasis is on poverty reduction,
governance and civil society participation.  This is a
welcome departure from the short term view of the economy
taken by the IMF and more in line with the long term view
of the World Bank.

Having said that, we should not lose sight of the fact the
prudent macroeconmic management of the economy is essential
for long term development and growth. For it is only when
the economy is growing and providing opportunities for the
marginalized of society can we honestly say that there is
improvements in living standards of the Gambian people. I
hope the policy makers will now give renewed focus and
emphasis on reducing infant mortality rates and increasing
school enrollment ratio rather than the narrow macroeconomic
objectives.

basil


On Tue, 18 Jan 2000 12:56:14 -0500 Sidi Sanneh
<[log in to unmask]> wrote:

> This is a summary of today's Summit proceedings from the AFP
>
> LIBREVILLE, Jan 18 (AFP)- African countries must work together with their
> international partners to reduce poverty on the world's poorest continent,
> Gabonese President Omar Bongo said at the start of a summit here Tuesday.
> Host Bongo said that "innovative and concrete solutions" were necessary to
> pursue the goals of "reducing poverty and strenghthening democracy, peace
> and security in Africa" as well as consolidating regional integration and
> improving the management of public affairs.  IMF director general said, for
> his part: "Africa is ready for a new renaissance."  He added: "African
> countries have achance to take the initiative to consolidate the gains of
> the past decade, but also to go much furth
> er."
>
> World Bank Vice President for Africa Jean-Louis Sarbib said the summit was
> a "new landmark in the discussions between the Bretton Woods institutions
> and African countries" for the continent's development.  He lamented that
> "the distribution of incomes is most unequal in Africa.
> ADB President Omar Kabbaj agreed: "We must devote all our attention to a
> more equal distridution of wealth."  THE SUMMIT CONTINUES TOMORROW.
>
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B.M.Jones
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