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11 October – Francophone Finance Ministers Meet in Bali, Indonesia

Friday, 19 October 2018 11:12

Annual Meetings 2018 IndonesiaDFI provided technical and logistical assistance to OIF in convening the meeting of Francophone Finance Ministers in Bali, in the margins of the decentralised Annual Meetings of the IMF and the World Bank. Chaired by Mrs Vonintsalama Andriambololona, Madagascar’s Minister of Finance and Budget, the meeting enabled all OIF member countries to hear the results of the work on development financing issues carried out by the Network of Finance Ministers from Francophone LICs.

Ministers focussed their discussions on three roles the IMF and World Bank should be playing to promote development financing. They urged the World Bank to pay taxes on all its projects, especially the highly profitable ones financed by the IFC; the IMF and the World Bank to reduce dramatically the costs and risks of public-private partnerships; and the international community to be more innovative in taking measures to reduce debt burdens.

Recognising the growing debt burdens faced by LICs, ministers agreed to launch an analysis to identify the necessary measures to be taken at national and international level to finance their development and growth needs without leading to another debt crisis. The first results of this study will be presented in 2019.

Ministers’ views were presented at a press conference to international media and civil society representatives and in their final Bali Communiqué.

 

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