Developing countries must assume control of policies-Graham
GNA | Posted: Friday, February 25, 2005
Developing countries would make good strides in economic development only when they assume control of domestic policies and break reliance on International Financial Institutions, Dr Yao Graham, co-ordinator, Third World Network, has said.
Speaking at the opening of a global civil society strategy meeting on International Financial Institutions, Dr Graham said unless developing countries were ready to take their destiny in their hands, they would continue to be pushed around by the World Bank and the International Monetary Fund.
Dr Graham said although some governments often gave the impression that they drew up their own policies, the invisible hands of these financial institutions always determined what went into these programmes.
"The countries must take the collective responsibility to push out these financial institutions instead of swallowing their prescriptions," he emphasised.
About 70 civil society organisations and experts from Africa, Asia, Europe, North America and Latin America are attending the four-day meeting, which will discuss the millennium development goals, investment and financial liberalisation as well as the role of the international financial institutions on Africa's development.
Dr Graham said the World Bank and the IMF had continued to churn out for the poorer countries harsh policy prescriptions, which failed to meet the development needs of these countries.
"Several years of Structural Adjustment in most of these developing countries have not succeeded in changing the fortunes in these economies.
Instead, they have brought hardship and suffering for the people," he said.
Dr Graham called on the citizens to examine closely government's policy direction with the view to influencing its outcome for the collective improvement in the welfare of all.
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