Sub-Sa­ha­ran Africa world’s 2nd fastest econ­omy- IMF

Daily Trust - - BUSINESS - By Hamisu Muham­mad

Sub-Sa­ha­ran Africa is still the sec­ond fastest grow­ing re­gion in the world, grow­ing at a rate of about 6.5 per­cent, IMF Man­ag­ing Di­rec­tor, Chris­tine La­garde, has said.

Speak­ing yes­ter­day at the end of De­vel­op­ment Com­mit­tee, World Bank / IMF Spring Meet­ing in Wash­ing­ton DC, La­garde said: “When we look at the eco­nomic sit­u­a­tion at the mo­ment, we re­alise that, while it has slowed down a lit­tle bit, emerg­ing and de­vel­op­ing coun­tries still con­trib­ute the bulk of growth”.

Ac­cord­ing to her, two is­sues that were con­sid­ered as im­por­tant for the de­vel­op­ing coun­tries as well as the emerg­ing mar­ket economies, are: “Num­ber one, it’s the han­dling of cap­i­tal flows; and num­ber two, main­tain­ing growth through in­vest­ment in in­fra­struc­ture and mak­ing sure that growth is in­clu­sive.”

She said IMF will con­tinue to work on the is­sue of in­equal­ity and gen­der in­clu­sion, adding growth, and the job mar­ket, adding: “We will con­tinue to work on the fis­cal as­pect of cli­mate change and how those mat­ters of macroe­co­nomic crit­i­cal­ity can be ad­dressed us­ing fis­cal tools.

“As I have men­tioned, we are pro­vid­ing cur­rently pro­grammes to 20 low-in­come coun­tries. We have opened our fifth re­gional train­ing cen­ter in Ac­cra, in Ghana. We are cov­er­ing now the whole of SubSa­ha­ran Africa, and we will con­tinue to do so.”

Speak­ing to at the con­fer­ence, the World Bank Group Pres­i­dent Jim Yong Kim, said the bank has re­ceived very strong sup­port for the new fi­nan­cial ar­range­ments that will al­low it to in­crease over­all lend­ing from $45 to $50 bil­lion to over $70 bil­lion over the next few years.

Mean­while the De­vel­op­ment Com­mit­tee of the Boards of Gov­er­nors of The World Bank and the IMF has re­solved to strengthen the foun­da­tions for strong, in­clu­sive and sus­tain­able growth for macroe­co­nomic sta­bil­ity, good gov­er­nance, pro­mot­ing pub­lic in­vest­ment, im­prov­ing the en­abling en­vi­ron­ment for pri­vate in­vest­ment in de­vel­op­ing economies.

The board noted that boost­ing qual­ity in­vest­ment and im­prov­ing ac­cess to fi­nance were key in as­sist­ing the fight against poverty in the de­vel­op­ing coun­tries.

The Board added: “Pri­vate in­vest­ment flows com­ple­ment de­vel­op­ment fi­nance and are a vi­tal fac­tor in achiev­ing our goals. In this con­text, we em­pha­sise the im­por­tance of the roles of the In­ter­na­tional Fi­nance Cor­po­ra­tion and the Mul­ti­lat­eral In­vest­ment Guar­an­tee Agency, work­ing as part of one WBG, in catalysing pri­vate fi­nan­cial flows and pro­mot­ing the de­vel­op­ment of a dy­namic pri­vate sec­tor that can help sup­port sus­tain­able growth, shared pros­per­ity and real op­por­tu­ni­ties for all cit­i­zens in all client coun­tries.”

Man­ag­ing Di­rec­tor of the In­ter­na­tional Mon­e­tary Fund (IMF) Chris­tine La­garde (C) speaks dur­ing a press con­fer­ence be­fore the IMF and World Bank spring meet­ings at the head­quar­ters of the IMF in Wash­ing­ton D.C., cap­i­tal of the United States, April 10, 2014

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