News24

Koroma: Keep Western aid flowing

2010-08-16 21:20

Freetown - Sierra Leone President Ernest Koroma on Monday urged international finance bodies to ensure aid to Africa is not affected by the economic crises facing Western development partners.

"We are aware of the efforts of developed nations in consolidating their finances but we are mindful of the impact it will have on African countries in relation to development aid," Koroma said.

He was addressing finance ministers and central bank governors from 48 African countries who began a two-day meeting in Freetown on Monday.

Koroma called on the World Bank (WB) and the International Monetary Fund (IMF) "to engage development partners to ensure that aid to Africa is not reduced in this period of uncertainty".

"Recent developments in the US and some European countries showed that global recovery remains fragile and uncertain," said Koroma.

"It is therefore necessary for both the World Bank and the IMF to provide appropriate financing instruments and other forms of assistance to ensure the continued financing of Africa's development and poverty reduction efforts.

"Both institutions should introduce new and flexible lending instruments that would enable low-income countries to withstand severe and negative future shocks."

Sierra Leone, as one of the world's poorest countries, recovering from a decade-long civil war ended in 2001, has been a major recipient of donor money.