SEMINAR REPORT
Moderator: Rachelle Akuffo, News Anchor, Global Business, CGTN America
Opening Remarks: Mitsuhiro Furusawa, Deputy Managing Director, IMF
Speakers:
Amatalalim Ali Al-Soswa, Former Minister of Human Rights, Yemen
Nazanin Ash, Vice President, Policy and Advocacy, International Rescue Committee
Tim Besley, School Professor of Economics and Political Science, LSE
Abdirahman Duale Beileh, Minister of Finance, Somalia
Mthuli Ncube, Minister of Finance, Zimbabwe
While circumstances vary, fragile states are often characterized by weak institutions that fail to reliably deliver economic growth for their populations. The panel discussed how the international community can speed up the path to resilience.
Key Points:
Pivotal moments. Panelists agreed that while such moments are easier to identify in retrospect, they occur when the whole society recognizes the need for transformative action. Besley highlighted that they often occur in transitional times, such as at the time of a peace settlement or regime change. Beileh noted that for Somalia, a pivotal moment came in 2012, when, for the first time in twenty years, Somalia established a recognized government.
Steps to address fragility. Beileh stressed the importance of sound governance, trust of citizens, and support from the international community in addressing fragility. Ncube highlighted the need for a holistic approach to improve governance and enhance institutions, while strengthening sectors that are key sources of growth. Al-Soswa and Ash underscored the key role that women, once engaged, can play in providing solutions to fragility.
International community. Panelists agreed that the issues faced by fragile states require strong involvement by donors and IFIs. Ash and Al-Soswa highlighted the criticality of a development mindset in IFIs to address the complex needs of fragile states in an inclusive way. Furusawa noted that the IMF is strengthening its engagement with fragile states, through financial support, policy advise, and capacity building. Ash and Besley stressed that the brightest and best IMF staff should work on issues related to fragile states. Al-Soswa and Ash noted that solutions take time and Beileh stressed that without the IMF, the progress made in Somalia would have taken much longer.
Quotes:
“If you cannot address those issues [related to fragile states] from the depth or the roots of these issues, it is very often that failure will be your destiny.” Amatalalim Ali Al-Soswa
“Contemplate for a minute that twelve of the fifteen countries hosting the largest population of refugees are fragile states themselves.” Nazanin Ash
“You cannot imagine when the IMF says I don’t want to talk to you and they go away. It is really a death sentence, because no one else will talk to you.” Abdirahman Duale Beileh
Contributor: Rasheeda Smith Yee
