President Boni Yayi criticises IMF unfairness towards Africa

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Benin President Boni Yayi on Tuesday denounced in Cotonou the operations of the International Monetary Fund (IMF) saying these were detrimental to the poorest countries.

“Guarantying the monitoring of the stability of the currencies, the International Monetary Fund is characterized by a dissymmetrical and even asymmetrical operation to the detriment of the poorest economies of the planet,” he wrote in an open letter sent to the President-in-Office of the European Union (EU), French President Nicolas Sarkozy.

According to him, the conditionalities of the IMF were often sanctioned by the quasi-abandonment of the state in its strategic role, even in crisis period, to give back confidence and start economic growth again. “Always subjected to calls to order of the IMF, African countries suffered much from this asymmetrical dysfunction of the IMF,” said President Yayi.

He said the moment had come to reflect on reforming the IMF and the World Bank to restore their credibility. “Humanity needs to bring an effective and durable answer to the vulnerability of the international financial markets and, in addition, to support the economic activities in the world,” President Yayi.

He supported the initiative taken by Europe, supported by North America and Asia , to join together in the next few days at a world summit for reforms of the international monetary and financial system in order that it should lead to an architecture which guarantees development in the medium and long term to all humanity.

“If the developed economies felt perverse effects of the permanent instability of the currencies and financial markets, the developing economies, particularly the poorest, have also suffered from this problem, not only of the fluctuations of currencies but also of the dysfunction of the current financial system,” President Yayi said.

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