AFDB Pres­i­dent says in­vest­ment in qual­ity ed­u­ca­tion to end poverty

The Pak Banker - - Front Page -


Africa must in­vest in qual­ity ed­u­ca­tion in or­der to stop chil­dren from in­her­it­ing poverty from gen­er­a­tion to gen­er­a­tion, African De­vel­op­ment Bank Pres­i­dent Don­ald Kaberuka told lead­ers gath­ered in Ki­gali, Rwanda, on Tues­day dur­ing the open­ing day of the seventh Africa Eco­nomic Con­fer­ence.

This is how you stop chil­dren from in­her­it­ing liv­ing con­di­tions of debt, and once you do that you have stopped the trans­mis­sion of poverty, said Kaberuka, dur­ing the open­ing ses­sion that fo­cused on a crit­i­cal anal­y­sis of the driv­ers of growth in the face of global un­cer­tainty. Speak­ing un­der the con­fer­ence theme “In­clu­sive and Sus­tain­able De­vel­op­ment in an Age of Eco­nomic Un­cer­tainty”, Kaberuka em­pha­sized that Africa should step out­side of the box and ques­tion the para­bles of eco­nomic growth that will lead to eco­nomic trans­for­ma­tion trans­lat­ing into the cre­ation of jobs and other ben­e­fits. It’s pos­si­ble to reg­is­ter growth in GDP even in dou­ble dig­its, record mil­lions in ex­ports, but have 60 per cent liv­ing un­der a dol­lar per day, he said. Af­ter 2009 global cri­sis, rich coun­tries are still con­cen­trat­ing on their own im­me­di­ate prob­lems and there is less ap­petite for the multi­na­tional so­lu­tions, which Africa needs. In this con­text, Kaberuka un­der- scored the need for long-term so­lu­tions. He sug­gested that Africa’s growth should in­clude re­search­ing so­lu­tions on how African coun­tries could in­ter­nally fi­nance their de­vel­op­ment, and learn from what has gone wrong glob­ally to re­design their poli­cies. He­len Clark, the Ad­min­is­tra­tor of United Nations De­vel­op­ment Pro­gramme, said the con­fer­ence pro­vides a forum for di­a­logue around the ideas, ev­i­dence and poli­cies avail­able to ad­vance in­clu­sive and sus­tain­able de­vel­op­ment in the un­cer­tain times in which we live. Africa, like all re­gions, is af­fected by the cur­rent slug­gish global growth and by cli­matic ex­tremes. Its poor­est peo­ple.

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