Discussions on reform of World Bank, IMF begins

Spread June 11/2008

Story: Charles Benoni Okine, London

MAJOR discussions on the reform of the World Bank and the International Monetary Fund (IMF) on Monday took centre stage when 10 prominent leaders of Commonwealth countries, including Ghana met at Marlborough House, London, on Monday.
The mini-meeting, which was held behind closed doors, is also said to have focused on practical steps which Commonwealth member states can take to achieve reform and coherence of global institutions.
Sources close to the meeting which was attended by Vice-President Alhaji Aliu Mahama on behalf of the Government of Ghana, had three parts and dealt with global environmental governance and the UN system. It is said to be the first step at implementing the decision of the November 2007 Commonwealth Heads of Government Meeting.
Leaders who attended that meeting decided to establish a small representative group from their 53-member association to undertake lobbying and advocacy for the reform of international institutions.
In front of the Downing Street, Prime Minister Gordon Brown of Britain welcomed each of the heads of government before they locked themselves up for about an hour-and-a-half.
Prime Minister Brown, who chaired the meeting, was quoted before the meeting as saying, “We have to reform our global financial institutions. It is absolutely clear that the national supervision that we have is inadequate and we need a global agreement.”
The Commonwealth Secretary-General, Kamalesh Sharma, had earlier been quoted as saying that, “There is a need for change, and that change must reflect the full global spectrum of interests and needs.”
He said international institutions must support an inclusive and comprehensive globalisation, which benefits the entire global community.


* Pic Alhaji Mahama in a pose with the Commonwealth Secretary-General Kamalesh Sharma, minutes before a dinner for the leaders.