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12 April 2019/Issue 13
Spring Meetings kicked off April 9 and ends on the 14 of April, 2019 in Washington, D.C. The meetings are comprised of events open to all attendees, ministeriallevel invitation-only sessions, and closed bilateral meetings.
AFRODAD is involved in tackling the next wave of sovereign debt crises Spring Meetings 2019, Washington DC #TackleDebtCrises The Civil Society Policy Forum (CSPF) has become an integral part of the International Monetary Fund and World Bank Group Spring and Annual Meetings, providing an open space for Civil Society Organizations (CSOs) to dialogue and exchange views with World Bank Group and IMF staff, their peers, government delegations, and other stakeholders on a wide range of topics.
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uring ongoing Spring Meetings, AFRODAD together and Odette Lienau, law professor at Cornell University. According to Mr Lipton, public debt is almost surpassing with a group of leading Civil Society Organisations (CSOs) organised and sponsored a high-level levels last seen in the crises of the 1980s_35 low-income event under the theme, 'Tackling the Next Wave of countries are either in distress or at high risk of distress. Sovereign Debt Crises'. The event took place on “There is need to reduce the risks of debt crises by Wednesday 10th April and it was attended by world There is need for another leaders, finance ministers, business leaders, development structure that deals with groups and journalists from around the world. debt and as civil society AFRODAD through representation from Dr. Fanwell Bokosi, Executive Director and Tirivangani Mutazu, Senior our call is a fresh debt Policy Analyst under the Debt Management Portfolio have workout mechanism since attended side and main meetings. However, which is fully AFRODAD is scheduled to host another high profile event independent and on Friday 12th April under the topic “Challenges to the transparent enough to Economy, stabilising the CEMAC Region: Prerequisite to successful economic and Fiscal Reforms for protect the rights of effective debt management.” citizens There is need for another structure that deals with debt and as civil society our call is a fresh debt workout mechanism which is fully independent and transparent enough to protect the rights of citizens, said Dr. Bokosi. Speakers at the high-level forum included: Benin's Finance Minister Romuald Wadagni, the IMF's David Lipton First Deputy Managing Director, The Guardian's Dr. Fanwell Kenala Bokosi, Phd economics editor, Legal expert lee Buccheit
improving ability to spot vulnerabilities and to effect debt transparency, helping countries to better manage debts at an early stage and to strengthen governments' ability to raise revenue,” The panellists emphasised the need to do things differently and move away from the status quo. They called for both creditors and lenders to prioritise transparency ahead of anything else. “We must not do what we did before, we must not wait and watch a debt crisis happen, or take 20 years to act because in the process people will die and unfortunately the majority will be the most vulnerable members of our society ”said Dr. Bokosi. Benin Finance Minister, Romuald Wadagni also emphasised challenges associated with transparency as the main driver of debt crises in Africa. “If multinational institutions lend a government and those loans are not disclosed, there are high chances that funds will be abused. Unfortunately nations suffer when the time of servicing comes as most of the money meant for public services like health and education is diverted to unscrupulous activities.” Spring Meetings and related ancillary events kicked off on April 9 and ends on the 14 of April, 2019. Meetings are comprised of events open to all attendees, ministerial-level invitation-only sessions, and closed bilateral meetings.
Panellists who participated in the “Tackling the next wave of sovereign debt crises” meeting on Wednesday 10 April
Benin's Finance Minister Romuald Wadagni (middle)expressing a point during the event. Dr Fanwell Bokosi (far right)
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