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

By International Monetary Fund, Gerald K. Helleiner

Edited via 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 was once held in Nairobi, Kenya, in may possibly 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

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The Fund's resources are a revolving pool that can be made available temporarily to members experiencing balance of payments difficulties. This assistance is designed to enable countries to restore a viable external payments position in the medium term, that is, an external current account deficit that can be covered by normal capital inflows consistent with the debt-servicing capacity of the economy. The resources of the Fund thus serve as a "second line" of reserve for its members, providing quick-disbursing financing, untied to projects or designated imports.

But we have to deal first with the short run to preserve both basic standards of living and political stability. In some instances, Fund programs jeopardize the well-being of the poorest members of society. In Africa, where poverty is at bare subsistence level for many people, governments have to be careful about prescriptions for longrun recovery that raise prices of commodities essential to the very poor. In redesigning Fund programs to suit the long-run needs of our countries, we have to find innovative mechanisms that accommodate the very poor, especially in the short term.

In redesigning Fund programs to suit the long-run needs of our countries, we have to find innovative mechanisms that accommodate the very poor, especially in the short term. My description of African economic problems suggests several general lines along which changes in Fund procedures and conditions would be welcome. First and most obviously, we need loans that are larger and cover longer periods for both disbursement and repayment. Second, African countries would be helped by a more flexible approach to the conditions of Fund assistance.

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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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