S.Africa vows to press for World Bank, IMF reforms

South Africa will press for reforms at the World Bank and the International Monetary Fund when it takes over the presidency of the G20 in 2007. “We hope to take the discussion forward, deepen it and lay a basis for new resolutions … (for) the reform of the World Bank and IMF,” Finance Minister Trevor Manuel said. The reforms, according to Manuel, are aimed to make the agencies “a lot more relevant than they are.” Part of the agenda is to launch new facilities such as a contingency credit line or CCL for poor nations. “There was talk of the CCL and this would be a kind of insurance policy for countries that were well managed but found themselves in hard times. For some reason the IMF couldn’t deliver the product so it is still outstanding,” the minister stated. (Source: South Africa to push for WBank, IMF reforms as G20 chair/Agence France-Presse)

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