20100817
africanews

A two-day conference of African Finance Ministers and Bank Governors has started in Freetown, Sierra Leone. The meeting which is tag the African Caucus will discuss issues relating to African in the context of global financial and economic crises, lessons learnt and the way forward.

African Finance Ministers and Bank Governors formed the African Caucus, following the Montere Convention, Mexico in 2002. The Caucus comprises African member countries of the World Bank and the International Monetary Fund (IMF), but especially those in sub-Saharan African whose economies are week and characteristic of Least Developed Countries (LDCS). Sierra Leone is hosting the event for the second time in a row.

“Hosting of the African Caucus meeting offers tremendous benefits for Sierra Leone. It will be the biggest international meeting the country has hosted in its post-war era and will play a crucial role in the re-branding drive of Sierra Leone. The conference, which is expected to attract more than 500 delegates from Africa and beyond, will also help in show casing Sierra Leone’s investment and tourist ;potentials, as well as improve donor confidence and relations..” Finance minister Samura Kamara said at the weekly Government press briefing last week.

The Group regularly meets with the Managing Director of the IMF and the President of the World Bank during the Annual meetings of the two institutions to specifically discuss the latest economic challenges facing African countries and related multilateral actions. These meetings have helped to strengthen relations between African countries and the Bretton Woods Institutions including enhancement of Voice and Participation, as well as development partnership.

As a precursor to these interactive meetings, the African Caucus usually meets in the country of its Chairperson to consult and exchange ideas and experience on policy, and subsequently, prepare a common agenda of concerns for presentation to the heads of the World Bank and the IMF.

Sierra Leone was elected to the Chair of the Africa Caucus for 2009-2010, after serving as Vice Chair during the preceding two years, and as a result of her positive contribution and democratic governance. Consequently, the country was chosen to host the 2009 summit.