Read e-book online Africa and the International Monetary Fund : papers PDF

By International Monetary Fund, Gerald K. Helleiner

Edited through G.K. Helleiner, this quantity comprises the court cases of a symposium together subsidized through the organization of African relevant Banks and the IMF that used to be held in Nairobi, Kenya, in may possibly 1985.

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Read Online or Download Africa and the International Monetary Fund : papers presented at a symposium held in Nairobi, Kenya, May 13-15, 1985 PDF

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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

Example text

Many export-oriented units with large import content in their products have to work at suboptimal levels, causing further reduction in export receipts. The vicious circle revolves, pushing these countries deeper into debt. The level of debt of African countries is estimated to be around 40 percent of gross domestic product and equal to some 20 months of their export earnings. The yearly flow of resources from Africa to lender countries by way of debt service is of the order of $17 billion. Apart from these frightening statistics, what is even more disturbing from the point of view of future prospects is the hardening—in all respects—of the terms of new loans.

Few authorities are willing or able to make policy commitments beyond one year ahead for many reasons, given political calendars, that is, elections, the annual budget cycles of both the country and its donors, and the normal span of official debt reschedulings. Some members are concerned that the policy conditions imposed by the Fund are unduly harsh and have the effect of undermining their growth. I would suggest that conditionality is no more severe than it has to be to meet the essential medium-term objective of restoring growth and a viable external payments position, given the external resources that members can obtain from the Fund and from other donors and creditors.

The Fund might itself be precluded from providing additional finance by the emergence of arrears on payment of charges or on the discharge of repurchases on past transactions. However, on the basis of existing programs, and of those that are under active negotiation, it appears likely that net use of Fund credit by African countries—under the credit tranche facilities—will continue to expand in 1985, although the use of Fund financial assistance by the African countries might be expected to stabilize somewhat in the years ahead.

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