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Washington, DC, Wednesday, September 21, 2011

Commodity Price Volatility and Inclusive Growth in LICs

Commodity Price Volatility and Inclusive Growth in LICs

The IMF will host a seminar on Commodity Price Volatility and Inclusive Growth in LICs

The International Monetary Fund is organizing a seminar on Commodity Price Volatility and Inclusive Growth in Low-Income Countries to facilitate an important discussion of the socio-economic challenges posed by commodity price volatility, and of policies for growth that can benefit all citizens in LICs.

The seminar will take place at the IMF’s Headquarters in Washington, DC on September 21, 2011.

Despite encouraging economic performance, low-income countries are confronted with enormous challenges ahead, not least making growth beneficial to all.

Three years after the onset of the global financial crisis, low-income countries (LICs) have registered strong economic growth, especially those that have benefited from high commodity prices. But many LICs are facing difficulties because of rapidly rising food and fuel prices—and the pain is being felt most acutely by the most vulnerable members of society. Higher growth in LICs has often been seen as the only way out of poverty. Experience shows, however, that higher growth episodes in LICs do not necessarily lead to lower poverty, sometimes it results in greater poverty.

Program

IMF Headquarters 2,
Conference Hall 1
September 21, 2011

8:30 a.m. Introduction by Min Zhu, IMF Deputy Managing Director
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Opening Remarks

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Christine Lagarde, Managing Director, IMF

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Josette Sheeran, United Nations World Food Programme

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9:00—10:45 a.m.

Session I. Commodity Price Volatility: Challenges

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Chair: Shanta Devarajan, World Bank

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“The Natural Resource Curse”
Speaker: Jeffrey Frankel, Kennedy School of Government, Harvard University

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“Commodity Price Volatility: Impact and Policy Challenges for LICs”
Speaker: Hugh Bredenkamp, IMF

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“The Political Economy of Resource Discoveries”
Speaker: Michael Ross, Department of Political Science, UCLA

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Policy Makers Perspective by Luis Arce Catacora, Minister of Economy and Public Finance, Bolivia

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Sid’Ahmed Ould Raiss, Governor, Central Bank of Mauritania

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General Discussion

10:45—11:00 a.m.

Coffee Break

11:00—12:45 p.m.

Session II. macro-policy options for LICs

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Chair: Leslie Lipschitz, IMF

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“Monetary Policy Responses to Food and Fuel Price Volatility”
Speaker: Eswar Prasad, Charles H. Dyson School of Applied Economics and Management, Cornell University

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“Fiscal Policy for Commodity Exporting Countries: Experience from Chile”
Speaker:  Klaus Schmidt-Hebbel, Institute of Economics, Catholic University of  Chile

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“Saving and Investment Decisions in Natural Resource Rich LICs”
Speaker: Paul Collier, Centre for the Study of African Economies, Oxford University

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Policy Makers Perspective by Kwabena Duffour, Minister of Finance, and Economic Planning, Ghana

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Matata Ponyo Mapon, Minister of Finance, Democratic Republic of Congo

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General Discussion

 

12:45—1:45 p.m.

Luncheon

1:45—2:15 p.m.

Keynote Address “Globalization and Income Distribution”
Joseph Stiglitz, Winner of 2001 Nobel Prize in Economics

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2:15—4:00 p.m.

Session III.  Structural Policies in LICs

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Chair: Antoinette Sayeh, IMF

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“Risk Finance and Development”
Speaker: Abhijit Banerjee,  Department of Economics, MIT

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“Commodity price volatility and growth inclusiveness in LICs”
Speaker: Francois Bourguignon, Paris School of Economics

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“Food price inflation, poverty, and inclusive growth in Asia”
Speaker: Changyong Rhee, Asian Development Bank

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Policy Makers Perspective by Charles Castel, Bank of Republic of Haiti

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Atiur Rahman, Governor, Bangladesh Bank

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General Discussion

4:00—4:15 p.m.

Coffee Break

4:15—4:45 p.m.

Keynote Address “Climate Change, Commodity Price Volatility and Consequences for LICs”
Jeffrey Sachs, Earth Institute, Columbia University

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5:00—6:30 p.m.

Session IV.  Panel Discussion: How To Achieve Inclusive Growth In LICs?

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Chair: Yvonne Ndege, Journalist, Al Jazeera

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Panelists:

Min Zhu, Deputy Managing Director, IMF

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Nancy Birdsall, President, Center for Global Development

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Mustapha Nabli, Governor, Central Bank of Tunisia

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Ray Offenheiser, President, Oxfam America

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Ngozi Okonjo-Iweala, Finance Minister, Nigeria

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George Akerlof, Winner of 2001 Nobel Prize in Economics

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General Discussion

6:30—8:00 p.m.

Cocktail Reception

Keynote Remarks

Nemat Shafik, Deputy Managing Director, IMF

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