Download e-book for iPad: Africa and the International Monetary Fund : papers by International Monetary Fund, Gerald K. Helleiner

By International Monetary Fund, Gerald K. Helleiner

Edited by way of G.K. Helleiner, this quantity includes the lawsuits of a symposium together subsidized by way of the organization of African critical Banks and the IMF that used to be held in Nairobi, Kenya, in might 1985.

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

Example text

Especially in South Korea and Brazil protectionism is alive and well, but after 20 to 40 years of building a strong industrial sector oriented to the home market, global market competitiveness of these countries across a wide range of manufactures has been demonstrated. S. and German manufacturing sectors "demonstrated" that protection would forever prevent their becoming globally competitive. There is I know, a catch. Building a home or regional market base is, historically the commonest means to building a strong industrial sector that can serve as a springboard to global market penetration.

Any improvements in economic conditions that resulted must be credited to the perseverance and tenacity of these officials. The Fund's Financial Activities in Africa The Fund has played an active role in supporting the adjustment efforts of its African members in recent years. 2 billion. 5 billion was provided under the Fund's compensatory financing facility in response to shortfalls in African countries' export proceeds and also, in some cases, to increases in cereal import costs. At the end of April of this year, the Fund had 14 stand-by arrangements and one extended arrangement with its African members and two more stand-by arrangements pending—for Cote d'Ivoire and Togo.

But the alternatives, in terms of further deterioration of economic conditions, are even more disruptive. For most countries implementing Fund-supported programs, the decline in growth rates occurred before they embarked on the program. The provision of financing by the Fund, both directly and indirectly through its catalytic effect, helps these countries to sustain much higher levels of imports and of activity than would be possible without the Fund's support. The Fund is prepared to use its best efforts to adapt to country preferences as long as it can carry conviction with other suppliers of finance, and is itself convinced, that a comprehensive program is being embarked upon to rectify the underlying imbalances in the economy.

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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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