World Bank calls for fairer trade
Jul 01, 2005
THE world’s rich countries should offer more trade opportunities and debt relief if Sub-Saharan Africa’s poor are to progress towards their Millennium Development Goals (MDGs), a World Bank annual report has said.
By Sylvia Juuko
THE world’s rich countries should offer more trade opportunities and debt relief if Sub-Saharan Africa’s poor are to progress towards their Millennium Development Goals (MDGs), a World Bank annual report has said.
The report, “African Development Indicators 2005,†shows that while debt relief and economic growth are increasing in Africa, civil wars, rapid spread of HIV/AIDS, corruption, anaemic aid and foreign direct investments and weak commodity prices threaten recent gains in poverty alleviation.
“The report stresses the need for rich nations to urgently deliver on their promises of more aid, deeper debt relief and wider trade opportunities for Africa if the continent is to achieve meaningful progress towards the MDGs,†Gobind Nankani, the bank’s vice-president for Africa, said.
Paul Wolfowitz, the bank’s president, who has recently concluded his inaugural African tour is more optimistic.
“There is no question that there is an enormous, compelling moral urgency to the conditions of Africa and there is no question that there are needs. But there is a lot more going on than just need. Africa may be on the verge of being a continent of hope,†Wolfowitz said.
The report shows that Africa’s economic growth accelerated to 3.9% in 2003 from 3.4% in 2002.
The gross domestic product in 15 Sub-Saharan African countries grew consistently at over 5% annually since the mid-1990s, with several countries increasing exports by more than 10%.
The report, which was launched on June 29 in US’s Washington, DC state, said merchandise exports from Africa rose to 121.5 million metric tonnes in 2003 from 97 million in 2002.
However, the region’s external debt rose to $218b in 2003.
THE world’s rich countries should offer more trade opportunities and debt relief if Sub-Saharan Africa’s poor are to progress towards their Millennium Development Goals (MDGs), a World Bank annual report has said.
The report, “African Development Indicators 2005,†shows that while debt relief and economic growth are increasing in Africa, civil wars, rapid spread of HIV/AIDS, corruption, anaemic aid and foreign direct investments and weak commodity prices threaten recent gains in poverty alleviation.
“The report stresses the need for rich nations to urgently deliver on their promises of more aid, deeper debt relief and wider trade opportunities for Africa if the continent is to achieve meaningful progress towards the MDGs,†Gobind Nankani, the bank’s vice-president for Africa, said.
Paul Wolfowitz, the bank’s president, who has recently concluded his inaugural African tour is more optimistic.
“There is no question that there is an enormous, compelling moral urgency to the conditions of Africa and there is no question that there are needs. But there is a lot more going on than just need. Africa may be on the verge of being a continent of hope,†Wolfowitz said.
The report shows that Africa’s economic growth accelerated to 3.9% in 2003 from 3.4% in 2002.
The gross domestic product in 15 Sub-Saharan African countries grew consistently at over 5% annually since the mid-1990s, with several countries increasing exports by more than 10%.
The report, which was launched on June 29 in US’s Washington, DC state, said merchandise exports from Africa rose to 121.5 million metric tonnes in 2003 from 97 million in 2002.
However, the region’s external debt rose to $218b in 2003.