Africa urged to cooperate on debt relief
May 21, 2004
The United Nations Economic Commission for Africa (ECA) chief, Y.K. Amoako, has decried the staggering debt of more than US$350b that is bedeviling the continent.
By Alfred Wasike and Sylvia Jjuuko
The United Nations Economic Commission for Africa (ECA) chief, Y.K. Amoako, has decried the staggering debt of more than US$350b that is bedeviling the continent.
He also expressed concern over the lack of accurate data banks.
“Besides the debt problem, our continent is confronted by a serious problem of lack of accurate data. When you talk to national statistical officers, you get a depressing impression that things are so bad.
These are key points we must resolve,†he said. Amoako, a former top World Bank official, hailed Uganda for striving to establish accurate data banks.
He, however, warned that financing to Africa “should be examined in a more holistic manner. There is need for huge resources to fulfill the Millennium Development Goals and fight poverty.â€
He said this at a three-day meeting of financial experts and government officials at Speke Resort Munyonyo.
A senior economist in the ECA, Shamika Sirimanne, said, “Africa needs a timely response to global policy proposals that affect the continent.
“Therefore, establish an ad-hoc technical committee to facilitate timely and competent African responses, with experts from ECA, AU, NEPAD, ADB, sub-regional organiSations and member states,†she told the experts meeting ahead of the African finance ministers and central bank governors on Friday.
The experts said the recommendations of the proposed technical committee be presented to the African finance ministers.
The United Nations Economic Commission for Africa (ECA) chief, Y.K. Amoako, has decried the staggering debt of more than US$350b that is bedeviling the continent.
He also expressed concern over the lack of accurate data banks.
“Besides the debt problem, our continent is confronted by a serious problem of lack of accurate data. When you talk to national statistical officers, you get a depressing impression that things are so bad.
These are key points we must resolve,†he said. Amoako, a former top World Bank official, hailed Uganda for striving to establish accurate data banks.
He, however, warned that financing to Africa “should be examined in a more holistic manner. There is need for huge resources to fulfill the Millennium Development Goals and fight poverty.â€
He said this at a three-day meeting of financial experts and government officials at Speke Resort Munyonyo.
A senior economist in the ECA, Shamika Sirimanne, said, “Africa needs a timely response to global policy proposals that affect the continent.
“Therefore, establish an ad-hoc technical committee to facilitate timely and competent African responses, with experts from ECA, AU, NEPAD, ADB, sub-regional organiSations and member states,†she told the experts meeting ahead of the African finance ministers and central bank governors on Friday.
The experts said the recommendations of the proposed technical committee be presented to the African finance ministers.