2023-12-16 19:32:00
Massod Ahmed, president of the Center for Global Development.
“International financial institutions must adapt quickly to resolve emerging challenges,” said Center for Global Development President Massod Ahmed. According to him, institutions such as the World Bank and the Monetary Fund today find themselves facing a radically different world from the one in which they were created 75 years ago, following the Second World War. .
First of all, it emphasizes the substantial change in the economic weight of countries. “Countries such as China, India and other developing countries are much more important today than they were 75 years ago. This must be reflected in the governance of these institutions,’ he notes, adding that it is “imperative that they reinvent themselves to take this new reality into account, by integrating equitable representation of emerging countries into their decision-making structures.”
Then, the expert emphasizes contemporary challenges such as climate change and pandemics, which were not predominant when these institutions were created. He calls for a more rapid and dynamic adaptation of their way of working. According to him, Institutions must support nations like Morocco by offering attractive financing, but this must be accompanied by appropriate technical assistance. “This proactive approach will promote a successful transition to more sustainable and resilient energy systems,” he adds.
The current pressure to accelerate the pace of work and reduce project completion times is seen as necessary and beneficial. However, this raises, in the opinion of Massod Ahmed, questions regarding governance, given the complexity of decisions involving 190 member countries. “Reflection on the rationalization of these decision-making processes might allow increased responsiveness to current issues,” he admits.
Another critical challenge raised by Massod Ahmed is the growing debt issue in Africa. “Nearly half of African countries face alarming levels of debt, exacerbated by rising global interest rates,” he warns, adding that “the debt burden seriously compromises the future of younger generations, leading to budget cuts in vital sectors such as health and education.” The expert thus pleads for immediate solutions to resolve liquidity problems and debt restructuring in order to preserve investment opportunities in crucial sectors for future African generations.
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