Africa must tackle graft to attract aid, says IMF

LUSAKA – Rich countries should provide more aid to Africa and the world’s least developed continent must tackle graft to attract foreign investment, International Monetary Fund chief Rodrigo de Rato said on Wednesday.

Rato, who was in Lusaka to meet with a group of African finance ministers and representatives of western lenders, commended recent large-scale debt relief for Africa but said it was not enough to end the continent’s economic woes. Rato said: “Debt relief is an important step but it is not enough.There is need for more aid which is predictable and carries minimum pre-requisites.I call on developed countries to fulfil their commitments.”Rato was speaking ahead of a conference on multi-donor relief that will be attended by ministers of finance from Zambia, Mozambique, Ghana, Ethiopia, Malawi, Uganda and representatives of western lenders.”We will be discussing with donors how enough resources can be provided to Africa for development,” he said.Rato, however, cautioned African governments receiving debt relief to maximise their savings on foreign debt servicing and channel the resources to improving health, education and infrastructure.He added that the conference would address how African nations could avoid sliding back into indebtedness as well suggest ways to tackle the issue of corruption, which he cited as a “clear impediment” to economic development in Africa.- Nampa-ReutersRato said: “Debt relief is an important step but it is not enough.There is need for more aid which is predictable and carries minimum pre-requisites.I call on developed countries to fulfil their commitments.”Rato was speaking ahead of a conference on multi-donor relief that will be attended by ministers of finance from Zambia, Mozambique, Ghana, Ethiopia, Malawi, Uganda and representatives of western lenders.”We will be discussing with donors how enough resources can be provided to Africa for development,” he said.Rato, however, cautioned African governments receiving debt relief to maximise their savings on foreign debt servicing and channel the resources to improving health, education and infrastructure.He added that the conference would address how African nations could avoid sliding back into indebtedness as well suggest ways to tackle the issue of corruption, which he cited as a “clear impediment” to economic development in Africa.- Nampa-Reuters