The role of international financial institutions in protecting the vulnerable during pandemics: Focus on World Bank in developing economiesPosted: 18 June, 2020
Author: Francis Kofi Korankye-Sakyi
Development and International Trade Finance Expert
The importance of law in development discourse as captured under Sustainable Development Goal 16 is a critical factor in establishing and maintaining the rule of law by empowering the most vulnerable persons and groups in society to exercise their fundamental human rights against unfettered legal regimes and political leadership, especially in times of global crises.
The nexus between access to justice and the fostering of a healthy business environment, economic growth, access to public services for the poor, including the curbing of corruption and curtailing the abuse of power is well noted and must reflect on discussions in this period of the COVID-19 pandemic. In the era of crises, institutions emerge as products of deep thinking and serve the long-term interest of international peace and development. For instance, the Bretton Woods institutions comprising the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD) were creations after World War II in 1944. In this light, the invitation to these international bodies to rescue developing economies in this unhealthy time of COVID-19 is, therefore, a legitimate expectation. From 1959 to 1991, multinational development banks which constitute part of the International Financial Institutions (IFIs) emerged as a result of the difficulties of the development paradigms of the times and have continued to execute programmes and projects within such expectations. This article takes a look at the role of the World Bank in building the judicial capacities of developing economies during this pandemic and advocates for support for a stronger monitoring and regulatory mechanisms in the application of the funds provided by these institutions to ameliorate the sufferings of the masses for whom these funds are intended to benefit.
Africa, the second most populous continent with the fastest growing population on the globe faces complex and integrated human security threats. From a broader perspective, human security is far more than the absence of violent conflict. It encompasses respect for human rights, good governance, access to education and health care and ensuring that each individual has opportunities and choices to fulfill his or her potential. In Africa, addressing these issues requires alleviating poverty, promoting economic growth, freedom from fear and access to a healthy natural environment as well as and preventing conflict. Characteristically, Africa is associated with war, poverty, genocide, diseases and grievous abuses of human rights, prolonged armed conflicts and rising terrorist activities. Conventionally, the African Union has adopted several instruments to deal with these peace and security threats. This article focuses on increased armed conflicts and terrorist activities on the continent.