Africa: Sub-Saharan Africa World's Second Fastest Economy - IMF

Apr 2014
Africa, April, 14 2014 - 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 Sub-Saharan 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."

Source : allAfrica

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