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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