The executive secretary of the United Nations Economic Commission for Africa (UNECA) this Friday accused the president of the World Bank of "lackluster", arguing that the institution "must disburse faster and in much greater quantity".

In the article published in the British newspaper Financial Times and quoted by Lusa, Vera Songwe goes to great lengths to criticize David Malpass, the president of the World Bank, and writes: "the US Treasury Secretary must lead the effort and force the lackluster leadership of the World Bank to rise to these simultaneous challenges and disburse [funding to African countries] faster and in much greater quantity."

The article by Songwe, who is deputy secretary-general of the United Nations, comes during the Spring Meetings of the International Monetary Fund (IMF) and the World Bank, taking place this week in Washington, and expresses the gravity of the situation that African countries are facing, with several crises at the same time.

"African economies are being hit from all sides by the impact of covid-19, climate change, conflict and their cruel impacts: terrorists, locusts, floods and, tragically, even famine," reads the article.

For Vera Songwe, the intervention of the Secretary of State for the Treasury, Janet Yellen, who holds the equivalent post to that of Finance Minister in European governments, will be essential on several issues, starting with forcing changes in the international financial architecture.

"[Yellen] has to not only persuade her peers to stop cutting aid, but increase that aid because of growing food insecurity, and extend debt service relief and dramatically deepen the G20 Common Framework on debt," Songwe said.

Arguing that the Bretton Woods institutions, created after World War II, are no longer adequate for today's world, the UN deputy secretary-general has left behind a terms of reference, which serves as a road map for change.

"Here's what the roadmap is, from the African perspective: more voice in the administrations of the financial groups and in the decision-making forums, and more speed and volume in the financial flows," he pointed out.

Africa "is resilient, but that resilience needs investment and guarantees," he continued, recalling the promise to channel $100 billion from the Special Drawing Rights (SDR) issued last year, and leaving several requests, including a new SDR issue in mechanisms "that finance ministers actually use, and reduce the cost of capital in sustainable infrastructure investments."

What is needed, he concluded, is "ambitious reform and funding, because it is not yet too late, but it soon will be."