Home Economy Liberia Campaigns For Climate Funds… As Minister Tweah Pushes For Bank Rules Reform

Liberia Campaigns For Climate Funds… As Minister Tweah Pushes For Bank Rules Reform

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By: Varney Dukuly

MONROVIA: Finance Ministers in Africa including Liberia’s Finance and Development Planning Minister, Samuel D. Tweah Jr., have shared their perspectives, calling on developed, or rich countries, through the World Bank to provide more funding to third-world or developing countries in order to address the challenges posed by climate change.

The African Finance Ministers, on the sidelines of the ‘Spring Meetings’ of the World Bank and International Monetary Funds (IMF), in Washington DC, United States, discussed issues of poverty reduction, the impact of climate change on the continent and what they would like to see in terms of reform of the World Bank and MDBs.

Liberia’s Finance and Development Planning Minister told the Center for Development Forum in Washington DC, that a big reform is the way to go instead of small approach as it has been done in the past.

Minister Tweah contends: “In the last seventy five years, we have made the argument about multilateral reform, somebody has not heard that argument and the question is: Why are we making the argument for the next thirty years? Maybe nobody will hear.”

He pointed out that Africa, as a continent, will need US$2.4 trillion between 2020 and 2030 for climate financing and US$100 billion to close the infrastructure gap.

Tweah: “So you have to present to the G-7 and the multilateral communities that the reform we are talking about, they are not small pieces; we have to go back to 1945. The cold war that we survived, the collapse of the Soviet Union came at the expense of Africa; that is what the G-7 has to believe.”

According Minister Tweah, since 1945, the West has destroyed the global climate, leaving the African continent with over US$2 trillion dollars problems, terming it as inequity imbalance.

Minister Tweah who is currently in United States attending the global economic gathering, styled: ‘Spring Meetings’ pointed out that in addition, the context is important as the argument of how to reform the ‘Bank Rules, ending poverty and sharing prosperity.’

“What we need is a Geo strategic approach. Though Africa needs more money to address growing infrastructure problems, only 10 percent reaches a close.

Minister Tweah: “Who is solving that problem? That is why we set up the International Finance Corporation and the World Bank to deal with those big challenges.”

As the World confronts a changing development landscape, Center for Global Development, the institution hosting Minister Tweah and other African Finance Ministers is deepening partnership with African policymakers.

“Over the next two decades, Africa will become the central focus of international development cooperation as the continent confronts a swath of challenges, from kick starting economic growth and creating enough jobs for a huge, vibrant generation of young people to preparing for the next pandemic and the threat of warming planet,” said CGD.
Recently, Liberia, along with other countries, agreed to a US$50 billion Memorandum Of Understanding (MOU) with the United Arab Emirates (UAE), for climate financing.

Liberia is expected to benefit more from the MOU owing mainly to the country’s green climate atmosphere.

Minister Tweah narrated that Liberia has widespread greenness but the country has not benefited from any international support for its green economy.

Finance Minister Tweah: “Liberia is a green economy, but we have not benefited from anything from the International community for our greenness.

Amid cheering clap from the audience for his presentation, the Liberian Finance Minister asked: How can we be serious?”

While the perspectives of African leaders are key, these conversations, voices from the continent have not gotten the attention they deserve, the Center for Global Development opined.

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