Audio By Carbonatix
The World Bank Director for Poverty Reduction and Economic Management for the African Region, Marcelo Giugale has said World Bank conditionalities on loans do not prevent governments from carrying out projects.
Mr. Marcelo Giugale explained that conditionalities on loans do not necessarily force projects on government because the borrower (government) might be faced with other challenges after they receive the loan and might be tempted to redirect the funds.
He noted that the so-called World Bank conditionalities are almost a colonialist idea which cannot be enforced in the new era of development.
Mr. Giugale made these statements in a video conference from his base in Washington when he interacted with some selected journalists in Accra.
He said the World Bank's goal has been shifted from development to the reduction of poverty to boost development.
He stressed that if the world is able to reduce poverty, it will be able to facilitate development.
Commenting on how the World Bank monitors funds given to developing countries, Mr. Marcelo Giugale reiterated that the World Bank has a Public Expenditure Review Council that monitors the use of funds to governments.
He pointed out that the council works hand–in-hand with various governments to ensure that the loan budgeted for the specific projects are duly on course and accounted for.
But he added that the public can complain about the misuse of funds if they suspect that they are being misappropriated.
Mr Giugale stated that if the public can reach the World Bank to complain about any misappropriation of projects in their regional offices, a panel of independent council will be formed to investigate the issue.
He stressed that the goal of the World Bank for developing countries is to achieve sustainable employment in the next five years.
He stated that when people are gainfully employed it will help reduce unemployment and poverty in the sub-region.
Secondly, he said the World Bank is focus to help deepen good governance in all the 135 countries except North Korea and Cuba who are not members of the United Nations.
Story by Samuel Mantey/Adomonline.com/Ghana
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Police assessing Stansted Airport private flights over Epstein ties
48 minutes -
Nine arrested in France over death of far-right student
59 minutes -
EPA to probe seizure of over 200 suspected galamsey machines at Tema port
1 hour -
Ghana–Russia Center, Kuban Agrarian University seal deal to advance agricultural innovation
1 hour -
Mahama opens maiden Tree Crop Investment Summit, pushes value addition and jobs
1 hour -
Police recover five assault rifles after Bono shootout, one suspect killed
2 hours -
Nana B slams Special Prosecutor over presidential primaries investigations
2 hours -
The ‘Ghana Must Go’ bag of integrity: 3 police officers return GH₵85k
2 hours -
Ghana must help Burkina Faso tackle terror threat – Expert says
2 hours -
Police return GH¢85,000 found on Techiman–Kumasi highway to owner
2 hours -
NSA assures service personnel of prompt payment of outstanding allowances
2 hours -
The Wahala Playbook: A quintessential guide to burying national scandals with internet gossip
2 hours -
Burkina Faso attack: Travel advisory insufficient, urgent security measures needed – Samuel Jinapor
2 hours -
Daily Insight for CEOs: Decision-Making Speed and Quality.
3 hours -
Emmanuel Bedzrah cuts sod for 17 educational infrastructure projects in Ho West
3 hours
