{
  "title": "IMF—Delivering on Promises to Africa",
  "publication": "IMF Blog, March 7, 2010",
  "sourceUrl": "https://www.imf.org/en/blogs/articles/2010/03/07/imf-delivering-on-promises-to-africa",
  "canonical": "https://www.imf.org/en/blogs/articles/2010/03/07/imf-delivering-on-promises-to-africa",
  "overlayPath": "/en/blogs/articles/2010/03/07/imf-delivering-on-promises-to-africa/index.md",
  "summary": "The global recession struck Africa through several channels—exports collapsed, banks ran into trouble as non-performing loans grew, and investment diminished.",
  "sections": [
    {
      "heading": "Context and recent performance",
      "content": "- The global recession struck Africa through several channels—exports collapsed, banks ran into trouble as non-performing loans grew, and investment diminished.\n- Average growth in sub-Saharan Africa fell to 2 percent in 2009 from 5.6 percent the previous year.\n- The IMF anticipates that Africa will see a relatively quick recovery, with average growth bouncing back to 4½ percent this year and 5½ percent in 2011.\n- Pre-crisis policies allowed countries to build reserves, cut debt, and open up fiscal space to combat the recession."
    },
    {
      "heading": "IMF actions and deliverables",
      "content": "- Sharp jump in lending:\n  - The IMF signed new arrangements—or augmented existing ones—with some 20 countries.\n  - In 2009, the IMF committed $3.6 billion in zero-interest lending to Africa, more than three times greater than in 2008.\n  - Total commitments amounted to $5 billion.\n- Supplementing reserves:\n  - IMF members approved a general allocation of Special Drawing Rights, or SDRs—an IMF international reserve asset.\n  - The new allocation pumped some $250 billion into the world economy, spread across our 186 members, including African members.\n- Revamped lending terms:\n  - Moving toward less intrusive conditionality, focusing on core policy measures that are critical for stability, growth, and poverty reduction.\n  - Ensure lending programs have sufficient measures to protect social spending and pro-poor initiatives.\n- More technical assistance:\n  - The IMF will add two new regional technical assistance centers in Ghana and Mauritius to supplement existing centers in Tanzania, Mali, and Gabon.\n- Better representation and governance:\n  - The IMF is working to reform its governance so members in Africa and other countries have a larger say.\n- Catalytic role on debt and infrastructure:\n  - Adopting a more flexible approach to looking at debt dynamics to help countries access financing for infrastructure and development goals.\n- Evenhandedness and advocacy:\n  - Working to ensure policy advice addresses the needs of all member countries and assisting the G-20 in a process of mutual assessment of their economic policies.\n  - Commitments to take Africa’s concerns into account during G-20 meetings and to advocate for Africa."
    },
    {
      "heading": "Ongoing challenges and policy priorities",
      "content": "- Persistent vulnerabilities:\n  - The region remains highly vulnerable to commodity price shocks, natural disasters and, in some cases, political instability.\n  - Combatting climate change is a major consideration for Kenya and elsewhere in Africa.\n- Policy priorities implied by the assessment:\n  - Maintain and strengthen fiscal space and reserves built before the crisis.\n  - Focus policy measures that support stability, growth, and poverty reduction while protecting social spending.\n  - Pursue governance reforms to improve representation and voice in international institutions.\n  - Expand technical assistance capacity through regional centers to support implementation.\n  - Apply flexible debt-assessment approaches to unlock infrastructure financing."
    },
    {
      "heading": "Engagement and forward agenda",
      "content": "- The Managing Director plans to discuss and listen to a broad range of African partners—from heads of state to students, from trade unionists to aid workers, and leaders of civil society—during visits to Kenya, South Africa, and Zambia.\n- A follow-up report on discussions and observations was promised in a subsequent post.\n\nIMF—Delivering on Promises to Africa — Dominique Strauss-Kahn, March 7, 2010.\n\n---\n\n\n References\n\n- improved policies\n- African countries\n- Group of Twenty\n- regional technical assistance centers\n- African partner\n\nSource: https://www.imf.org/en/blogs/articles/2010/03/07/imf-delivering-on-promises-to-africa"
    }
  ],
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    "[Markdown version](/en/blogs/articles/2010/03/07/imf-delivering-on-promises-to-africa/index.md)",
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    "Authors: Dominique Strauss-Kahn",
    "Published: March 7, 2010",
    "The global recession struck Africa through several channels—exports collapsed, banks ran into trouble as non-performing loans grew, and investment diminished.",
    "Average growth in sub-Saharan Africa fell to 2 percent in 2009 from 5.6 percent the previous year.",
    "The IMF anticipates that Africa will see a relatively quick recovery, with average growth bouncing back to 4½ percent this year and 5½ percent in 2011.",
    "Pre-crisis policies allowed countries to build reserves, cut debt, and open up fiscal space to combat the recession.",
    "Sharp jump in lending:",
    "Supplementing reserves:",
    "Revamped lending terms:",
    "More technical assistance:",
    "Better representation and governance:",
    "Catalytic role on debt and infrastructure:",
    "Evenhandedness and advocacy:",
    "Persistent vulnerabilities:",
    "Policy priorities implied by the assessment:",
    "The Managing Director plans to discuss and listen to a broad range of African partners—from heads of state to students, from trade unionists to aid workers, and leaders of civil society—during visits to Kenya, South Africa, and Zambia.",
    "A follow-up report on discussions and observations was promised in a subsequent post.",
    "[improved policies](http://www.imf.org/external/pubs/ft/survey/so/2010/NEW021810A.htm)",
    "[African countries](http://www.imf.org/external/pubs/ft/survey/so/2010/NEW030410A.htm)",
    "[Group of Twenty](http://www.imf.org/external/pubs/ft/survey/so/2009/NEW031409A.htm)",
    "[regional technical assistance centers](http://www.imf.org/external/np/exr/facts/afritac.htm)",
    "[African partner](http://www.imf.org/external/region/afr/index.htm)"
  ],
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