Government of Sierra Leone
African Caucus Meeting
(Held from August 16-17, 2010 in Freetown, Sierra Leone)
The African Caucus, comprising of African Finance Ministers and Central Bank Governors, met in Freetown, Sierra Leone, on August 16-17 to prepare the 2010 Memorandum to the heads of the Bretton Woods Institutions (BWIs) - the International Monetary Fund (IMF) and the World Bank Group (WBG). The Memorandum will be submitted to the heads of the BWIs during the IMF/WBG Annual Meetings in October 2010. The event was chaired by Dr. Samura Kamara, Minister of Finance and Economic Development for Sierra Leone and Chairman of the African Caucus, and formally opened by his Excellency, the President of the Republic of Sierra Leone, Dr. Ernest Bai Koroma
The African Caucus agreed to:
· Call on the BWIs to increase the support extended during the global financial and economic crisis as fiscal consolidation in advanced economic would reduce external assistance;
· Underscore the importance of scaling up technical and financial support, strengthening policy reform and institutions, and mobilizing resources for infrastructure and agricultural development;
· Renew the request for a third chair on the Executive Board of the IMF for sub-Saharan Africa countries in order to enhance the effectiveness of Africa’s representation; and
· Underscore their broader commitment to implement policies for promotion of sustained high growth and achievement of the Millennium Development Goals (MDGs), and pledge to work with development partners to narrow the development gap and reduce poverty in Africa.
The meeting was preceded by seminar covering the following topics: Sub-Saharan Africa Regional Economic Outlook; African Strategy Renewal; Regional Infrastructure Development in Africa; Natural Resources Management; and Review of the Country Policy and Institutional Assessment (CPIA) index. Find attached the 2010 Freetown Declaration of the African Finance Ministers and Central Bank Governors.