Africa and the International Monetary Fund : papers - download pdf or read online

By International Monetary Fund, Gerald K. Helleiner

Edited by means of G.K. Helleiner, this quantity comprises the court cases of a symposium together subsidized by means of the organization of African crucial Banks and the IMF that used to be held in Nairobi, Kenya, in may possibly 1985.

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Extra info for Africa and the International Monetary Fund : papers presented at a symposium held in Nairobi, Kenya, May 13-15, 1985

Example text

ERB rate policy aimed at making domestic financial investments more competitive with similar investment abroad. And Mali, through adoption of important fiscal policy reforms, such as containment of public sector personnel expenditures through a wage freeze and increases in public enterprise prices and tariffs, succeeded in eliminating the deficit of the consolidated Government operations. Needless to say, while the Fund has supported these types of measures, it is the officials of the countries who chose and implemented them.

Apart from these frightening statistics, what is even more disturbing from the point of view of future prospects is the hardening—in all respects—of the terms of new loans. Interest rates are rising, the maturity and grace periods are shortening, and the grant element is being reduced. We are guilty of passing a heavy backlog of debt to the next generation. We could feel less remorse if, along with the debt, we also bequeath them a larger production base and a sound infrastructure. To accomplish this, however, we need to tighten our belts further and reduce consumption so that the resources thus saved can be employed in capital formation.

International Monetary Fund. Not for Redistribution VIEW FROM AFRICA: 1 29 What is needed is the amalgamation of segmented markets or even the creation of new markets where highly imperfect ones now exist. This involves action on several fronts: macroeconomic policy adjustments certainly, but also institutional development and change, focused political commitment, and a radical reorientation of administrative practices and attitudes. Let me illustrate my point with an example from only one of the typical policy changes embodied in Fund stand-by arrangements.

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Africa and the International Monetary Fund : papers presented at a symposium held in Nairobi, Kenya, May 13-15, 1985 by International Monetary Fund, Gerald K. Helleiner


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