The World Bank says says it has put in place measures to ensure minimal abuse of the funds earmarked for developmental projects in Africa.
And the World Banks’s commitment to reduce poverty and enhance broad base economic development in sub-Sahara Africa in particular and Africa in general.
World Bank Vice President of Development Finance (DFi) Axel van Trotsenburg says this is just in case of corruption and fraud creeping into implementation of developmental projects on the African continent.
Mr. Trotsenburg adds that the World Bank has however effected controls in place to safeguard its huge investment portfolio in Africa.
With US$45 billion reserved to finance projects in Africa over a three-year period ending June 30, 2020, Mr. Trotsenburg said mechanisms were in place to guarantee financial resources were used for intended developmental projects.
The WB Vice President said this in Livingstone on Sunday ahead of the official opening of the institution’s International Development Association (IDA) Mid-Term Review Meeting.
He added that World Bank to this effect stopped the transfer funds to developing countries without first establishing what predesigned projects intended to achieve in terms of improving people’s living standards.
“Resources for development have become scarce, therefore as the World Bank we strive to ensure financial resources at our disposal are well managed,” he said.
Where corrupt practices and irregularities were suspected, the institution had units that investigated and if found wanting, guilty parties were either suspended or directed to reimburse mismanaged funds among other penalties, he added.
And Mr. van Trotsenburg has reiterated the World Banks’s commitment to reduce poverty and enhance broad base economic development in sub-Sahara Africa in particular and Africa in general.
Highlighting the fragility, climate change, governance, economic transformation and gender as the multilateral institution’s special focus areas, the WB Vice said his institution’s approach in assisting to tackle common challenges in developing countries aimed to depict development not just in terms of infrastructure development but in other human development in sectors such as health, education and social protection.
“…We shall continue scaling up investments and strengthening institutional capacities in Africa,” he said.
President Edgar Lungu is set to officially open the IDA Mid-Term Review Meeting and Launch of the IDA19 replenishment process at Avani Victoria Falls Resort in Livingstone on Tuesday, November 13 2018.
IDA is one of the largest sources of assistance for the world’s 75 poorest countries, 39 of which are in Africa.
Donors meet every three years to replenish IDA resources and the current replenishment – IDA18- is worth US$75 billion for financing of developmental projects with US$45 billion specifically reserved for Africa.
World Bank, IMF, and UN Agencies should have a UN sanctioned mandate to call for fresh elections in any country where corruption and fraud is taking place.
To legitimize corruption just because it’s an “elected” government should stop!
The world bank finger is pointing squarely at PF and other corrupt government in Africa. The levels of corruption in PF are so astronomical that the world bank and other donors have noticed and are taking measures. Reminds me of how donors cut aid to Zaire during the reign of Mubutu. PF must be ashamed.
… “He added that World Bank to this effect stopped the transfer funds to developing countries without first establishing what predesigned projects intended to achieve in terms of improving people’s living standards.”
so why did it take you this long to realize your goats were being eaten by these hyenas? The goats have been eaten and the owners have suddenly realized that their goats are missing!
Oh… Africa my Africa! Africa is not poor, its people are!!
I bet you, the funds that the WD are allocating to Africa is Africa’s resources already… They are getting from you and giving you they crumbs, if we were organised we’d raise more than what we are being given, we are not poor, our minds are!
Bola naikosa,lolo, lolo, bola naikosa
…..
This is a welcome development but look at the few comments from my fellow commentators. Where are the others? Why don’t we in Zambia take these matters seriously?
This new Vice President of the World Bank is starting on a good note and I for one salute him. For too long you in the World Bank and IMF have turned blind eyes to legalised stealing as if you really do want to see us fail by not addressing these issues. Cases of stealing do occur but you cannot compare them to the amount of money lost to legalized stealing activities such as purchasing of Luxury SUVs for senior govt officers (totalling over 2000) at collosal amounts which are only later after 3 years or so sold off at a percentage of the actual amount spent, awarding of contracts to unfit contractors, lack of…
Ctn…awarding of contracts to unfit contractors, lack of accountability towards public funds, etc etc and these are funds which often come from these so called donor partners. It is not wise to use someone you already known to be a speed thrift money to deliver that money to someone in need. It doesn’t take a genius to figure out that those funds will be abused. The WB and IMF are comprised of the some the beat Economists in the world and they of all people should know what happens behind the scenes so they should stop being sadists that want to see us continually fail.
Correction…not wise to use someone you already know to be a spend thrift with money, to deliver that money to someone in need…
…the WB and IMF are comprised of some of the best Economists in the world…
If they had started this long time ago maybe ngatatuli mu maf! aya.
They have seen what happened to the social cash transfer funds.
Resources donated by World Bank and other world institution should be accompanied by pragmatism.It is pointless to donate in areas that have no supervision.For instance,before they donate anything for projects,they should send expertise to come and look over(supervise)that particular project.If money is intended for building a university,World Bank should assemble it’s own personnel to supervise that particular project.It is pointless donated money to corrupt governments which will just go in a bottomless pit.Donations are abused and misused by these corrupt regimes.I believe technical donation is more important as it normally goes to its intended recipients.Stop throwing money in corrupt regimes.
That statement is directed at lungu…..the only leader in the world who does not mind being called a corrupt theif
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Lusaka times, you can’t even spell the word ‘World’ correctly? In the tile, it reads ‘wold’!
What safe guards you oloso??
Clearly you have not met Edgar and Kaiser.
They clearly know that they are dealing with a convicted thief who steals from widows, he is just probably pissed he can’t set his useless PFoools police on them….. What a pr!ck
Well done, World Bank zebige. Here we have people in positions that can really nyokola big time
Very good move. In fact even payment they should be paying the companies doing the work directly. So that governments know they can’t touch the money..
How embarrassing for African Continent. We get to be monitored like children, sure
Abuse of resources is also in councils. They go months and months without a salary but the man collected is used for personal gain such as building houses and even paying of other bills. Councils can manage to pay the workers out of their own income receive as revenue. The women even insult their husbands that they getting little than them who are busy stealing from motorists.
atase panyo panu ba pf muzakhaula