Onyeama: IMF, World Bank need to be reformed

Geoffrey Onyeama, minister of foreign affairs, says there is a need to reform the governance structure of the Bretton Wood institutions which are the World Bank and the International Monetary Fund (IMF).

Onyeama, who made this statement at the 41st Ministerial Meeting of the Group of 77 plus China (G77+China) on the sidelines of the UN general assembly, said the reason for the reform is to ensure that they are responsive to the needs of developing countries and reflect the realities of the 21st century.

The G77 is a coalition of developing nations at the UN that promotes its members’ collective economic interests and create an enhanced joint negotiating capacity in the UN.

The World Bank and International Monetary Fund was established at a meeting of 43 countries in Bretton Woods, New Hampshire, USA in 1944.

“Equally important in the international development strategy is the need for a reform of the governance structure of the Bretton Wood Institutions,” he said.

“Not only should they be made more transparent, consultative and inclusive but also they should be more responsive and appreciative of the peculiar needs of developing countries.

“In consonance with the principle of ownership, the greater infusion of developing countries in the governance structure of Bretton Wood Institutions would undoubtedly allow them to take advantage of the local knowledge that developing countries can bring to the work of the institutions.”

Onyeama commended the G77 for its role in shaping global discourse on the implementation of the sustainable development goals (SDGs) through a collective and robust engagement.

He said the group, to which all the African countries are members, is a formidable group within the international system.

“We echo one another in our conception, aspirations and desire for a world that is just, fair, inclusive and tolerant.

“The G77 should not relent in its demand for a more equitable international trading system as trade is an essential tool for economic development.

“It is, therefore, imperative that the global community should, as a matter of urgency and fairness, address factors responsible for trade imbalance between the north and south.

“Such as the protectionist measures and barriers to trade policies of developed countries. Nigeria joins others to underscore the necessity for the timely conclusion of the DOHA Round of multilateral trade negotiation.”

Onyeama said Nigeria was pleased with the role of the G77 in curbing illicit financial flows and the enhancement of asset recovery.