Finance ministers discuss Africa’s dev’t

The ministers of finance and central bank governors from all over Africa are meeting in DR Congo’s capital Kinshasa to chart the way forward for the future of economic development on the continent.The two-day meeting which kicks off today mainly focuses, on the issues of job creation, particularly among Africa’s youth, food security, poverty reduction and increasing access to energy.Speaking to The New Times yesterday, John Rwangombwa the Minister of Finance and Economic planning said the forum is important since it seeks solutions to pressing issues which are seen as major drivers for economic development in Africa.“The meeting is part of preparations for the annual meetings of International Monitory Fund (IMF) and the World Bank which will take place in October this year,” he said.The meeting is held under the auspices of the Africa Caucus, a platform created in 2002 bringing together policymakers from African countries that subscribe to the IMF and the World Bank to concentrate on issues and policies related to economic change and development in Africa.The African Development Bank (AfDB) first vice president and chief operating officer, Emmanuel Mbi, will represent the Bank’s president, Donald Kaberuka, at the gathering, which will also be attended by delegates from other financial institutions and international development agencies.The Director of the African Department at the IMF, Antoinette Monsio Sayeh was in Rwanda last week and pledged continued technical support to Rwanda’s macroeconomic strategies.Recently, the IMF eased restrictions on Rwanda’s non-concessional borrowing, allowing the country to have greater access to credit.IMF provides policy advice and, when needed, financing to its members. IMF financing can be accessed through several windows depending on the country’s exact circumstances.DR Congo President Joseph Kabila is expected to officially open the caucus meetings.

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Finance ministers discuss Africa’s dev’t