Ivory Coast President Wautabouna Ouattara has become the third director for sub-Saharan Africa on the board of the International Monetary Fund (IMF), with the lender of last resort strengthening the region’s voice in its decision-making processes.
The new position on the board, which oversees the day-to-day operations of the fund, brings the total number of board members to 25.
“The addition of a third African president to our Executive Board reflects the enormous progress the continent has made in developing its human and economic potential,” IMF Managing Director Kristalina Georgieva said in a statement on Friday. .
The formal accession of an additional representative from the region to the board of directors was decided following an election, the IMF said. This is its first increase since 1992, when two positions were created for the countries of the former Soviet Union after the breakup of the Soviet bloc.
The 54 African countries, which constitute the largest bloc in terms of number of countries among the 191 members of the IMF, are home to 18% of the world’s population but hold only 6.5% of the voting rights in the IMF. Sub-Saharan Africa‘s vote share is about half of that total.
The region’s new position on the board was announced in Marrakech, Morocco, a year ago, but critics say it does not go far enough to meet the region’s needs, while she is going through a debt crisis.
The IMF has played a crucial role in managing sub-Saharan Africa’s economies in recent years, as countries like Zambia and Ghana have restructured their debts, and others, like Kenya, have turned to Fund to obtain greater liquidity support due to high debt interest repayment.
Source : REUTERS
