IMF-World Bank Annual Meetings: Burkina Faso was there

• The private sector and energy on the agenda of discussions with the IFC

• Support the plan development of BADF

• The topics at the heart of the discussions with Minister Nacanabo

LThe Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group were held from October 21 to 26, 2024, in Washington.

The program of these gatherings, which bring together political and economic decision-makers and representatives of the private sector, includes meetings on a range of questions related to inflationary and debt pressures, the challenges which involves economic integration, and the impact of climate change. and technological changes. Other topics to be discussed will be related to global financial markets, food security, and sustainable development.

This convention was also an opportunity for the delegation of Burkina Faso, led by the Minister of Economy and Finance, Dr. Aboubakar Nacanabo, to interact with the country administrators of these two institutions. According to a press release, published by the Directorate of Communications of the Ministry, the latter, in addition, have “reiterated their availability and support”.

Therefore, on the sidelines of these legislative bodies, the Minister of Economy and Finance, the Governor of the IMF and the World Bank for Burkina Faso, spoke to the vice president of the International Finance Corporation (IFC), Sergio Pimenta , World Bank. Administrator for Burkina Faso, Abdoul Salam Bello, and IMF Administrator for Burkina Faso, Régis Sondo.

Energy and the private sector spoke with the IFC

With the vice-president of the IFC, Sergio Pimenta, discussions focused on the actions taken by the IFC to support the private sector and key reforms in the field of energy, digitization and public markets, through the development of high- digital platform for one. – one stop shop for public supplies. The IFC, a member of the World Bank Group, is the leading private sector-focused development institution in emerging countries.

It has operations in over 100 countries, devoting its capital, skills and influence to creating markets and opportunities in developing countries. In fiscal 2024, the IFC committed a record $56 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to build a world without poverty. creation of a livable planet.

During these discussions, Minister Nacanabo pleaded for more extended, targeted and high-impact interventions for the benefit of companies operating in different sectors of the economy and in areas with a high influx of displaced people. -inside, to relieve host communities and public finances. already under heavy pressure, through the National Solidarity Fund, social safety nets and infrastructure funding.

The minister’s appeal to the IFC also concerned support for the Banque Agricole du Faso (BADF) in its development plan. Vice President Pimenta expressed his institution’s availability to support the private sector at all times in all areas of activity and highlighted his institution’s dedication and commitment to diligently study all requests expressed. The Administrator of Burkina Faso at the World Bank, Abdoul Salam Bello, at the end of his mandate, received congratulations from Minister Aboubakar Nacanabo for the success of his mission and his commitment to Burkina Faso. Abdoul Salam Bello also thanked the Governor for the support during his mandate and presented the main topics that the office is discussing with the World Bank and will be pursued by the new Administrator, Harold Tavares.

These are the ability to grant more concessional resources to the countries in its constituency, a review of the World Bank’s financial model and continued support for the agenda of reforms and initiatives, with a view to allowing the World Bank to to take the challenges faced by countries in key development sectors.

Discussions with the Administrator, Regis Sondo, focused on the implementation of the reform program with the IMF, which aims to restore macroeconomic stability, preserve debt stability while ‘ to protect the most vulnerable populations, and to lay the foundations for strong growth, while at the same time freeing up the budget. place for priority spending.

The two personalities also discussed quick access to resources from the “Resilience and Resilience Trust Fund” (RST) which, according to Administrator Sondo, are concessional resources.

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How the World Bank works

The World Bank is like a cooperative whose shareholders are 189 member countries. These shareholders are represented by the Board of Governors, which is the main decision-making body of the World Bank. Governors are generally the Finance or Development Ministers of member countries. They meet once a year, during the Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund (IMF).

The Governors delegate some aspects of their mandate to 25 Directors, who are based at the Bank’s head office. The five main shareholders each appoint a Director, and the other member countries are represented by elected Directors.

The President of the World Bank Group chairs the meetings of the Executive Board and is responsible for the general management of the Bank. He is elected by the Board of Directors for a renewable five-year term.

All the Directors are the Board of Directors of the World Bank. As a general rule, they meet at least twice a week to monitor the Bank’s operations, including approving loan or guarantee operations, new policies, the administrative budget , country support strategies and decisions related to borrowing and financing of the institution.

The activities of the World Bank are ensured under the direction and guidance of the President, members of the Board and the Vice-Presidents responsible for the various offices, departments and regional networks.

Source: World Bank

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