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Africa cannot develop without IMF framework

April 19, 2018

By Olayinka Ajayi

The International Monetary Fund (IMF) has asserted that infrastructural  governance can’t improve in Africa if it’s recommended framework is not implemented.

Karim Barhoumi with Benin President Patrice Talon

Karim Barhoumi with Benin President Patrice Talon

Speaking at the ongoing Spring meetings in Washington DC, two officials of the organisation stated this in a session titled ‘Public Investment Efficiency in Sub-Saharan African Countries: What Lies Ahead?

The officials Ha Vu, a public financial management specialist at the IMF, and Karim Barhoumi, IMF resident representative in Benin and Togo, stated this in response to a question on why Africa was still faced with economic challenges despite help by the IMF,

Vu said: “Other development partners have tried to help African countries including the Sub Saharan African countries to improve the infrastructure governance. Who do you think should be the king actor? It’s you, Africa.

“We are here to help and support. We are here to guide because for example the framework, it cannot help to improve infrastructure governance in Africa if it is not applied.

“The role of the framework is to guide you where to look at to find the issues, how to think and how to improve and the IMF provides technical assistance to implement these reforms to get the improvement.”

Corroborating her stand, Barhoumi added: “You’re right, there are political economic issues as it depends on the commitment you have on the political level to also start working on projects,” Barhoumi said.

“The fund is providing this advice, this recommendation but it depends on the commitment of any country:‎ “It’s not a matter of spending much more than your neighbouring country but it is the quality of your spending. With the same amount of money, we can have three bridges and we all know the economic impact of bridges but with the same amount of money, we only have two bridges because of lack of quality public management.”

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