By Omoh Gabriel, Business Editor
The 2009 IMF/World A
nnual meetings came to a grand end ThursdayÂ in Istanbul Turkey with the election of Nigeriaâ€™s Minister of Finance, Dr Mansur Muhtar as the Chairman of the Bretton Wood Institution Board of Governors. Nigeria thus will over see the arrangement for the organisation of the 2010 annual meetings in Washington. Nigeria Finance Minister as the Chairman of the board of Governors will chair the 2010 meetings.
Also the 2012 Annual meeting will be hosted by an Africa country, Egypt just as Nigeria and South Africa will act as Alternate Director at the IMF. The World Bank has also agreed for a third executive position for Africa. These are the highlights of the annual meetings which ended in Istanbul Turkey on Thursday.
In his acceptance speech, Dr. Mansur Muhtar said â€œAs you will all agree, these meetings have been driven by our shared conviction that unprecedented global challenges require unprecedented global solutions. We recalled that, as the financial crisis led to the worst global recession in three-quarters of a century, affecting people in every country, the Bretton Wood Institutions were called upon to lead a strong collaborative response. We commended the Fundâ€™s leadership of the coordinated policy actions, and the provision of rapid, large scale, and flexible financing to countries in all regions , including by over hauling its lending and conditionality framework.
â€œWe also recognise the Bankâ€™s leadership role in addressing the human crisis focussed that has resulted from the financial and economic crisis through continued measures to tackle poverty via projects focussed on social protection, long term-infrastructure investment, and private sector led economic growthâ€.
Dr. Muhtar in the acceptance speech further said â€œWe agreed that eventual recovery from the financial turmoil and global recession will not by any means, mark the end of our efforts. We have to ensure that a crisis of these dimensionsâ€“ so costly in human, as well as financial, termsâ€” does not occur again. To this end, we need to address the underlying vulnerabilities. The Fund must continue working with national and multilateral partners to reform the international financial system, and further strengthen its surveillance of the World economy.
â€œThe bank must press forward with actions to revive global trade and address climate change effects. We called on both of these institutions to work closely with member governments to better understand the causes of these crisis, and apply lessons drawn from these experiences, to support financial and economic stability and broad based prosperityâ€.
He also said â€œRecognising that the World continues to change at a rapidÂ pace, we understood the need for continued modernisation of the Bretton Wood Institutions in order to enhance their effectiveness and meet emerging challenges. At the center of these efforts, we called for continued quota and voice reform to increase policy ownership and encourage cooperationâ€.
Continuing the minister said â€œFellow Governors, we thank Mr. Strauss-Kahn and Mr. Zoellick for their visionary leadership of the International Monetary Fund and the World Bank, at this crucial time. Let us thank the staff of the Fund and the Bank for rising to the demand of the current challenges through their hard work and dedication. We thank the people and authorities ofÂ Turkey for hosting the meetings, and we particularly express our gratitude and deep appreciation to the people and authorities of Istanbul.
Fellow Governors, I look forward to working with all of you to tackle the important challenges ahead, and to seeing you at our Annual Meetings next year in Washington DCâ€ he said.