-Caveat Lector-

Africans Want Bretton Woods Institutions Refrormed


Africa News Service
14-JUN-99

OUAGADOUGOU, Burkina Faso (PANA) (Panafrican News Agency, June 13, 1999) -
African researchers have ended a symposium in Ouagadougou on international
monetay policy by calling for the need and urgency for reform of the Bretton
Woods institutions and curre nt economic order.

Convinced that the current world economy is based on competition, the
participants recommended that debts owed by African countries be cancelled or
suspended until their economies reach a level of efficiency that can make
these states solvent.

The symposium, on the theme: Rethinking the Bretton Woods Institutions from
Africa, was held 9-11 June under the auspices of the Dakar-based Council for
the Development of Social Science Research in Africa known as CODESRIA.

(The Bretton Woods institutions are IMF and the World Bank).

It urged member states to actively participate in the drawing up of a new
world economic system.

To achieve that goal, the symposium called for the strengthening of the
capacities of African financial institutions to prepare them to negotiate with
the Bretton Woods institutions.

The experts, therefore, urged decision-makers in Africa to establish a
research group to chart the continent's future.

They also recommended the creation of a "world economic security system" that
would have the task of preventing Africa against the risks it is particularly
exposed to.

The researchers suggested that African nations move "irreversibly" toward
economic and monetary integration as they enter the 21st century.

Established in Dakar in 1973, CODESRIA is an independent body grouping African
researchers in social sciences.

Copyright 1999 Panafrican News Agency. Distributed via Africa News Online.


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