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WORLD BANK CONDITIONALITY DOES NOT HALT PROJECTS-WORLD BANK

 

The World Bank Director for Poverty Reduction and Economic Management in African Region, Marcelo Giugale says World Bank conditionalities on loans do not prevent governments from embarking their various projects. He explains that conditionality on loans does not strictly work to force projects on government because the borrower (government) might be faced with other challenges after they received the loan which they might be tempted to redirect the funds to.

Mr. Marcelo Giugale noted that the idea of World Bank conditionality is almost a colonist idea which cannot be enforced in the new era of development. The African Director in Charge of Poverty Reduction and Economic Management made these statements in a video conference from Washington when he interacted with some selected journalists in Accra. He said the World Bank goal has been shifted from development to the reduction of poverty to boost development.

He explained that if the world is able to reduce poverty then it will be able to facilitate development. Commenting on how the World Bank monitor funds given to developing countries, Mr. Marcelo Giugale reiterated that the World Bank has a public expenditure review council that monitors the use of funds to governments. Mr. Giugale pointed out that the council work hand –in- hand with various governments to ensure that the loan budgeted for the specific projects are duly on course and accounted for. But he added that the public can complain about the misuse of funds if they suspect misappropriation of funds.

Mr Giugale stated that if the public can reach the World Bank to complain about any misappropriation of projects in their regional offices. He added that a panel of independent council will be formed to investigate the issue. Mr Marcelo Giugale stressed that the goals of the World Bank for developing countries is to achieve sustainable employment in the next five years. He stated that when people are gainfully employed it will help reduce unemployment and poverty in the sub-region. Secondly, he said the World Bank is focus to help deepen good governance in all the 135 countries with an exception of North Korea and Cuba who are not members of the United Nations.

Story: Samuel Mantey/Adomonline.com/Ghana

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June 23, 2011 - Posted by | SETTING THE NEWS AGENDA

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