The minister of foreign affairs, Geoffrey Onyeama at the 41st Ministerial Meeting of the Group of 77 plus China (G77+China) on the sidelines of the UN general assembly says there is a need to reform the governance structure of the Bretton Woods institutions which are the World Bank and the International Monetary Fund (IMF).

Background:

• The G77 is a coalition of developing nations at the UN that promotes its members’ collective economic interests and create an enhanced joint negotiating capacity in the UN.
• The World Bank and International Monetary Fund were established at a meeting of 43 countries in Bretton Woods, New Hampshire, USA in 1944.

Highlights:

• Onyeama said the reason for the reform is to ensure that they are responsive to the needs of developing countries and reflect the realities of the 21st century.
• Equally important in the international development strategy is the need for a reform of the governance structure of the Bretton Woods Institutions.
• Not only should they be made more transparent, consultative and inclusive but also they should be more responsive and appreciative of the peculiar needs of developing countries.
• In consonance with the principle of ownership, the greater infusion of developing countries in the governance structure of Bretton Wood Institutions would undoubtedly allow them to take advantage of the local knowledge that developing countries can bring to the work of the institutions.
• The G77 should not relent in its demand for a more equitable international trading system as trade is an essential tool for economic development. It is, therefore, imperative that the global community should, as a matter of urgency and fairness, address factors responsible for trade imbalance between the north and south.

Omoleye Omoruyi

Omoleye Omoruyi… an apprentice web/game developer, novelist, sensitive to happenings in the world. Meet him @Lord_rickie on Twitter/Instagram