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WEB POSTED 08-06-2001

 
 

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Kenyan official slams IMF, World Bank

NAIROBI, Kenya (PANA)�Kenya�s Trade and Industry Minister Nicholas Biwott has accused the World Bank and the International Monetary Fund (IMF) of hampering Third World development, the local media reported here July 25.

He was quoted as saying the two Bretton Woods institutions and some donor countries were impeding the progress of poor nations through the imposition of tough aid conditions.

"The World Bank and IMF should instead focus on making quick decisions and creating certainty for poor countries," Mr. Biwott said, at the opening of a workshop on "Bridging the Standards Divide: Challenges for Improving Africa�s International Market Access."

The meeting was sponsored by the World Bank and the African Economic Research Consortium.

He noted July 24 that many donors were not interested in enhancing development in the region through financing of employment-creating projects, "but are very quick to offer money for building of hospitals and fighting AIDS."

Citing the Bretton Woods institutions� conditions on governance, the international trade environment and labor laws, as examples, Mr. Biwott said, Africa would only realize growth and development if governments and development partners overcame structural factors that caused poor economic performance on the continent.

He said the multilateral system could only benefit Africa if constraints in the global trading system were addressed.

The problems, Mr. Biwott said, included poor access to markets and technology, as well as obstacles to trade and investment, which were being intensified by international labor, environment and trade related intellectual property and investment standards.

He expressed regret that Africa has been marginalized from the benefits of integrated trade and free financial flows, noting that the continent�s share of global trade had dropped to 1.6 percent in the 1990s compared to three percent in the 1960s.

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