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***As Ministers, Central Banks Governors End Annual Meetings
Tayo Olanipekun, Washington DC
World Bank President, David Malpass, closed the institution’s 2019 Annual Meetings with emphasis on its commitment to working out trade facilitation for African countries across the borders through harmonization of tariffs amidst the customs systems.
Making this known during the African Caucus Meeting on Sunday at the Brenton Woods Institutions’ headquarters, he added that reduced transaction costs, digital transformation and transparency of debts were areas the Bank will work with Africa to reduce poverty and increase prosperity.
These will also create a level playing field for everyone within the economies.
Nigeria recently announced a total closure of its land borders preventing the movements of some consumer goods in a bid it said to promote local production of such items.
The move will also hurt the economy of its neighbor, Benin Republic, that the IMF reported to have recorded a GDP growth of 6.7 percent in 2018 driven by “strong agricultural production and port activity.”
IMF added: “The medium-term outlook continues to be favorable, with economic growth projected at 6.7 percent over 2019-2024.”
Its Autonomous Port of Cotonou is adjudged to be among the busiest in West Africa and it is reputed for turning in tons of finished goods to Nigeria through the land border two share.
Benin’s Minister of Economy and Finance, Romuald Wadagni, was not on hand at the Caucus Meeting to talk on the effects of Nigeria’s action on his nation’s economy but an official that was not authorized to comment on the subject told National Wire the border closure “is a sensitive matter at the moment.”
“We want to broker trade facilitation in terms of trying to help countries trade across borders and even within their own countries,” Malpass said, stressing that job and economic transformation issue is core.
He urged all the African Ministers of Finance and Central Bank Governors present to continue calling on the institution for “assistance when you can.”
