Bolaji Akinyemi: World Bank, IMF Need To Be Restructured And Reformed

Professor Bolaji Akinyemi, the former Minister for Foreign Affairs, has said that the Bretton Woods Institutions need to be restructured and reformed, in order to bring in a new school of thought in response to the new issues in the world.

In an interview with ARISE NEWS on Friday, Akinyemi said, “There is no doubt that there is now a consensus in the world that the Bretton Woods Institutions, that is the World Bank and the IMF, well, I won’t say that they have outlived their usefulness, but that, not only do they need to be reformed, but they need to be restructured in order to reflect responses to the new issues facing the global south especially. There is no doubt that all the appointments made to the world bank and the IMF, they reflect the old school. There is a need for a new school of thought.”

“I find it rather interesting that it is France to which the post of the president of the IMF had been conceded permanently that will now be sponsoring to moves for extra institutions to address not just the needs of the global south but to address the needs for the stability of the world financial system. This falls in line, if you input into it the last conference of the European political summit held sometime last month. It fits into the pattern of Macron trying to position France as, you know, a critical voice for the restructuring of the world. It’s a good move. And the issues that have been raised, how you will rescue global south from the consequences of Covid-19, the consequences of the Russian-Ukrainian War, which have very serious consequences for the global south are very well, they are called for, and this is the right time for it.”

Speaking on President Tinubu’s attendance at the Paris Summit, Akinyemi said, “I am glad at the presence of the Nigerian President. It’s like saying to the world what Biden said when he became president, Nigeria is back, and the fact that there are so many of these important financial personalities, like the president of African Exim Bank, the president of the European bank, and others on the side line of the conference, coming to see and sound out, get the body language of President Tinubu, shows actually that they are interested, and I believe that he had a good package. He’s told them about the economic positions and policies that they have put in place.”

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