Washington, Oct. 17, 2025 (Lusa) - The deputy prime minister of Cabo Verde on Friday advocated job creation as a priority for Africa while speaking in Washington as chair of the governing bodies of the International Monetary Fund (IMF) and World Bank for 2025.
"Africa has sufficient resources to build a glorious future. We have energy, water, arable land, young people, women and a good climate ecosystem," he said, opening the annual meetings of the boards.
Olavo Correia, who oversees the Finance and Digital Economy portfolios in Cabo Verde, pointed out that "the rest depends on governance and leadership."
"We must work every day to create jobs and decent employment and opportunities for all," he said.
Boosting climate resilience, the green economy, investing in the private sector and diversification were other priorities identified, along with reducing "high debt repayment burdens".
The minister pointed out that "for decades, the World Bank Group and the IMF have been working together to help member countries address the challenges of debt sustainability," taking the opportunity to stand up for multilateral relationships.
"We do need to improve debt transparency, supporting sound economic policies and providing more financing on favourable terms. Institutions are at the heart of the multilateral system. We must help the IMF and the World Bank by capitalising them. Only then can they better help us with scale, speed and impact. This is the duty of all of us," he said.
Olavo Correia used Cabo Verde as an example, saying that from an "impossible country" at independence in 1975, it has become a country with ambition and even qualified for the 2026 Men's World Cup, an achievement celebrated on Tuesday and applauded at the ceremony in Washington.
"Congratulations,’ said IMF Managing Director Kristalina Georgieva, who said she hoped to visit the islands and cheer on the Blue Sharks, as the Cabo Verdean football team is known.
Olavo Correia's opening speech was followed by a speech by World Bank Group President Ajay Banga, who, looking at demographic projections, especially growth in Africa, also said that the focus of all stakeholders should be placed "on employment," pointing to it as "a mission."
According to Kristalina Georgieva, who spoke next, the mission will be easier if the current "anxieties" related to geopolitical factors, new technologies and tariffs are eliminated - trade should continue to be a source of growth, leveraged by artificial intelligence (AI).
"Change brings anxiety, but let's be optimistic," she concluded.
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