Ivoirien Crisis May Harm West African Economy, Say World Bank, AfDB

THE World Bank Group and the African Development Bank (AfDB) have expressed concern over the deepening political crisis in neighbouring Cote d’Ivoire, saying that the crisis, if not speedily resolved, could harm economic prosperity of the West Africa sub-region. This comes just as a joint statement from the two groups subtly threatened to reassess their programmes in the embattled country, given the breakdown in governance.

In a joint statement made available to The Guardian via an electronic mail during the week, the longstanding multilateral development partners of Cote d’Ivoire, however pledged support for the efforts being made by the African Union and other international partners to bring the crisis to a “quick and peaceful resolution,” and described the unfolding events in the West African country as a major source of concern.

The sustained crisis in Cote d’Ivoire, the Groups said, could “further drive many more Ivoiriens into poverty and hurt stability and economic prosperity in the West African sub-region.”

The banks said they would, in line with their policies, continue to closely monitor developments and reassess the usefulness and effectiveness of their programmes.

According to the statement, “the African Development Bank and the World Bank, view with great concern and frustration, the events unfolding in Cote d’Ivoire in the aftermath of the long-awaited elections, which were supposed to usher in peace, stability and a basis for improved governance and inclusive growth that reflects participation of all of Cote d’Ivoire.

“We, therefore, share the serious concerns expressed by the United Nations, the African Union, Economic Commission of West African States and other international partners who have supported Cote d’Ivoire’s development efforts.”

Cote d’Ivoire, the world’s largest producer of cocoa is enmeshed in political crisis following its recent presidential run-off election, which saw the incumbent President Laurent Gbagbo and opposition candidate, Alassane Ouattara being sworn in after simultaneously claiming victory.

Ouattara, who was initially declared winner penultimate Thursday by the country’s Election Commission, was, the next day, curiously denied victory by the Constitutional Council, which overturned the Election Commission’s ruling.

Backed by the military, which, last week, reiterated its support for him, incumbent President Gbagbo was sworn in the same Friday afternoon, an action that was followed with Quattara’s swearing in at a Abidjan hotel, guarded by the United Nation’s peacekeepers.

Several countries and world bodies, including the United States of America, France, International Monetary Fund (IMF) and the United Nations, had since expressed support for Ouattara’s victory at the November 28 presidential run-off.

The Economic Community of West African States (ECOWAS), last week, asked Gbagbo to step down for Ouattara.

In lat week’s joint statement, the World Bank and the AfDB urged the Ivorian leadership to weigh the long-term consequences of the crisis with a view to finding a lasting solution.

The World Bank/AfDB joint statement noted that the banking groups would wish to continue working with the people of Cote d’Ivoire in the fight against poverty, but warned that it would be difficult to do so effectively if the crisis persisted.

“We wish to continue working with the people of Cote d’Ivoire in the fight against poverty but it will be difficult to do so effectively in an environment of prolonged uncertainty and tension.”

“Accordingly, in line with our policies, we will continue to closely monitor developments and reassess the usefulness and effectiveness of our programmes given the breakdown in governance.”
source:http://www.ngrguardiannews.com/