On Saturday, October 3, 2009, the top bureaucrat of the International Monetary Fund for Africa stated that African economies would make progress when the worldwide economy attains power and debt levels in the continent are not bothering.
Antoinette Sayeh, the IMF Director for Africa, told Reuters that in nations where soaring inflation or debt is not a big issue, monetary and fiscal policies must stay corroborative. The good news for Africa is that more and more business opportunities are opening up in the continent. Convenient debt repayment options like debt settlement and debt reduction are also being offered.
Sayeh stated that in order to stop a worsening in debt levels, which have already gone up in the continent, monetary policy would have to change as soon as there are signs of improvement.
On the auxiliary activities of the World Bank and IMF meetings, Sayeh stated that it is better to stay cautious since some worsening of debt sustainability indicators has been witnessed in some nations. A number of debt ratios don’t seem to be as good as they were previously. However, development is anticipated to start in the next one or two years. Hence, they have not worsened to the extent that can be a matter of concern.
In 2010, African countries should view their budgets in the viewpoint of the improvement not yet entirely in progress.
In a statement, the International Monetary Fund mentioned countries in debt dilemma include Zimbabwe, the Democratic Republic of Congo, Liberia and Guinea. Other countries that have significant amounts of debt are Gabon, Central African Republic and Burkina Faso.
The IMF has predicted that development in Sub Saharan Africa in 2009 would grow only by 1.1% prior to fortifying to 4.1% in 2010 and 5% in the year 2011.
Sayeh, an erstwhile finance minister of Liberia, stated resurgence in Africa would be dependent on a powerful recovery of the worldwide trade, increased commodity prices and a raise in employee remunerations.
Sayeh stated that statistics on trade are not demonstrating a substantial improvement in exports. However, in 2010 it is expected to grow.
The IMF informs that a global economic revival has started and it is piloted by India and China. However, it has also stated that the recovery would be slow, particularly in developed economies. Both India and China have considerably grown trades and investment in Africa, which can support Africa’s resurgence.
Author: Robin Williams
Antoinette Sayeh, the IMF Director for Africa, told Reuters that in nations where soaring inflation or debt is not a big issue, monetary and fiscal policies must stay corroborative. The good news for Africa is that more and more business opportunities are opening up in the continent. Convenient debt repayment options like debt settlement and debt reduction are also being offered.
Sayeh stated that in order to stop a worsening in debt levels, which have already gone up in the continent, monetary policy would have to change as soon as there are signs of improvement.
On the auxiliary activities of the World Bank and IMF meetings, Sayeh stated that it is better to stay cautious since some worsening of debt sustainability indicators has been witnessed in some nations. A number of debt ratios don’t seem to be as good as they were previously. However, development is anticipated to start in the next one or two years. Hence, they have not worsened to the extent that can be a matter of concern.
In 2010, African countries should view their budgets in the viewpoint of the improvement not yet entirely in progress.
In a statement, the International Monetary Fund mentioned countries in debt dilemma include Zimbabwe, the Democratic Republic of Congo, Liberia and Guinea. Other countries that have significant amounts of debt are Gabon, Central African Republic and Burkina Faso.
The IMF has predicted that development in Sub Saharan Africa in 2009 would grow only by 1.1% prior to fortifying to 4.1% in 2010 and 5% in the year 2011.
Sayeh, an erstwhile finance minister of Liberia, stated resurgence in Africa would be dependent on a powerful recovery of the worldwide trade, increased commodity prices and a raise in employee remunerations.
Sayeh stated that statistics on trade are not demonstrating a substantial improvement in exports. However, in 2010 it is expected to grow.
The IMF informs that a global economic revival has started and it is piloted by India and China. However, it has also stated that the recovery would be slow, particularly in developed economies. Both India and China have considerably grown trades and investment in Africa, which can support Africa’s resurgence.
Author: Robin Williams
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