Africa and the International Monetary Fund : papers by International Monetary Fund, Gerald K. Helleiner

By International Monetary Fund, Gerald K. Helleiner

Edited through G.K. Helleiner, this quantity includes the court cases of a symposium together backed through the organization of African important Banks and the IMF that used to be held in Nairobi, Kenya, in may well 1985.

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

Sample text

We need external resources for this restructuring of our economies. Unfortunately, the outlook in this regard is dismal. The African countries are already indebted to the extent of over $100 billion. In addition, many countries have substantial short-term debt comprised of trade and services credits and arrears on ©International Monetary Fund. M. NYIRABU payments. Delays and defaults in payment of trade bills have choked off imports and thereby strangled vital sectors of many national economies.

Moreover, it is not the only route to competitiveness, nor for very small economies, such as Botswana and Mauritius, is it likely to be practicable. In the perspective of medium-term structural adjustment as well as longterm development, industrialization is critical. The Lagos Plan of Action was ©International Monetary Fund. M. NYIRABU right to pick out basic food self-sufficiency and industrialization as the focus of attention until the year 2000. The Southern African Development Coordination Conference is correct to emphasize building up, step by step (beginning with selected agricultural inputs, basic consumer goods, and construction inputs), a coordinated regional approach to industrialization.

Finally, the Fund should become more directly concerned about the distributional aspects of their conditions and assistance to ameliorate their effects on the poorest in our societies. With regard to the international setting in which stabilization and structural adjustment take place, I said earlier that African governments and their people recognize the vast problems facing the continent. Further, we recognize the heavy burden that rests upon our own governments to take the difficult measures necessary to renew economic growth.

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