He added that the Bank should continue to be “a listening Bank” that it has been where its surgical interventions are aligned with the development aspirations of member countries. This will be a unique selling proposition for the Bank. The Bank should stay away from conditions whilst aligning with the national development agenda of member countries.
“For the Bank’s aspirations for the next 10 years, the statement should include extending support to Muslims in non-member countries,” he suggested.
Hon. Keita also suggested that the Bank should increase access to concessional funds for its LDC member countries. Many of these countries are beset with debt challenges and are implementing IMF programmes as their access to non-concessional funds is limited.
“The Bank should scale up significantly its non-sovereign operations by introducing private sector initiatives and attracting private capital to unlock the full potential of member countries. Initiatives such as public-private partnerships, partial credit guarantees, trade financing facilities, and partial risk guarantees are aimed at scaling up the financing of the private sector. The private sector remains the engine of growth of member countries.”
The finance minister also mentioned that the Bank should be able to respond effectively to her mandate in delivering all its value propositions through investments in the human resource base of the institution. “The increasing global challenges require institutional restructuring aimed at enhancing the human resources capabilities and organisational effectiveness of the Bank. This should be a priority and given adequate attention and resources.”
To improve operational effectiveness, client satisfaction, and development results, Minister Keita recommended that there should be greater decentralisation at the regional level. “This should be phased out strategically and within the framework of financial sustainability of the Bank. Decentralisation will help to bridge the gap between the Bank and member countries. Similarly, a minimum country representation is necessary as well”.
To continue leadership in Islamic finance, he stated that the Bank should strengthen its research capability and leverage the 50-year experience for knowledge dissemination to member countries. This will help the Bank to address the limited innovation and product diversification. The Bank will only become a leader in Islamic finance if it can dynamically introduce new Islamic financial instruments given the evolving nature of financial markets and the demand for new financial solutions to tackle emerging development challenges.
He concluded by thanking the Bank for its commitment to supporting the development aspirations of member countries and Muslim communities in non-member countries. “We believe that the 10-year strategic framework which is being developed through extensive consultation, including this Governors Retreat will unleash the true potential of the Bank”.
