IMF in Maputo

by Developed Africa 6. June 2014 09:00

Following yesterday's post we continue to look at how developing economies can rise out of poverty.

Last week saw IMF managing director Christine Lagarde speak out about how African economies may be on the rise, but poverty is not going anywhere. Inequality is what allows the two to live side by side.

The IMF met with finance ministers and governors from sub-Saharan Africa in Maputo, Mozambique last week, discussing the progress the region had made in the past 20 years and took a look at sustainable growth and development for the future. A press release from the IMF pronounced the joint declaration which included "fostering inclusive growth and structural transformation", "overcoming fragility", and "building institutions and human capital".

The press release shows evidence of mutual appreciation between the IMF and the minister and governors of sub-Saharan African nations. The ministers and governors appreciate the efforts of the IMF, notably their Rapid Credit Facility, but both groups agree that there are policy areas that could be improved. The joint declaration puts forward a united front in tackling development into the future.

To read the press release in full click here.

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