The annual meetings of the World Bank and the International Monetary Fund, which began in Dubai on Wednesday, would take on a new dynamic as a result of the collapse of the World Trade Organisation talks at Cancun last week, says South African Minister of Finance Trevor Manuel.
Speaking at a news conference in Parliament on Wednesday, he noted that he would be flying to Dubai for the meetings on Thursday and said one of the key issues would be to focus on the Millenium Development Goals.
“The United Kingdom has put on the agenda an international financing facility … to try to leverage more money so development goals can be financed; all of that will be debated quite sharply,” said the minister.
Noting the collapse of the development round at Cancun last weekend, he predicted that the meetings in Dubai would “harness enormous energy of trade and agriculture ministers to ensure a more equitable arrangement going forward”.
The Cancun talks broke down largely over agricultural subsidies in the developed world.
Meanwhile, cabinet spokesperson Joel Netshitenzhe said Manuel’s reappointment for a period of two years as chairperson of the development committee of the International Monetary Fund and the World Bank had been agreed on by the South African Cabinet, noting this committee played a key role in funding development programmes worldwide. — I-Net Bridge