by Piyaporn Hawiset
8 May 2001
International finance officials wrapped up a three-day meeting in Washington on May 1, 2001 pledging to supposedly fight poverty and the spread of infectious disease in the poorest countries. They vowed to set up a multi-billion dollar war chest to buy cheap drugs to combat HIV/AIDS in places such as Africa where the disease has taken a severe toll. Ministers noted that combating poverty among middle-income countries, such as Brazil and Argentina, remains a priority because the largest number of poor live in those countries. Good-sounding words, similar to ones heard in the past from the World Bank. Now to see if such pledges would in fact be kept.
Speaking to reporters after a meeting of the World Bank and the International Monetary Fund's (IMF) Development Committee, Indian Finance Minister Yashwant Sinha said the bank had a very important role, including increasing further access to world markets. Finance officials view trade as one way poor nations could build wealth and improve living conditions. The recent worldwide economic slowdown was viewed as an impediment to furthering international trade. In the end the bank's true role is to ensure that internaitonal trade remains strong so that the world's economic and political elite can continue to reap huge benefits at the expense of workers
Mr Sinha also stressed the bank and the fund needed to better coordinate efforts with other donor agencies. In a statement the committee stressed "the need to move more rapidly... in particular to help low-income countries".
HIV and AIDS
Ministers also welcomed the rapid growth of the attention being paid to HIV/AIDS in 29001 since the committee had described the epidemic as a grave threat to development progress in many areas of the world, especially in Africa.
Aside from the comments made by finance officials, in late April US Treasury Secretary Paul O'Neill stated his support for initiatives to improve aid to countries dealing with the burden of communicable diseases that also include tuberculosis and malaria. James Wolfensohn, president of the World Bank, said "a well-directed programme on AIDS was now possible", adding that he would be surprised if such an initiative failed to materialise.
Mr Wolfensohn reiterated the bank's commitment to aid in solving health concerns, saying: "Our pledge is real and we're doing it."
The Development Committee, established in 1974, helps build consensus among governments on development issues. It advises World Bank and IMF officials on economic development in poor countries.