Showcasing a More Confident Africa

IMF Blog, December 16, 2011

Source details

Author: Christine Lagarde
Date: December 16, 2011
Central observation: Many countries in Africa face strong demand for natural resources and rising investment in infrastructure while global economic uncertainty raises concerns because vulnerability to global shocks remains high.
Objective of the visit: "to listen and to appreciate what is expected of us by the African countries, by the African governments, by the African people as well, because it’s a region of the world which is facing both huge challenges and huge opportunities."

First visit by Christine Lagarde as Managing Director of the International Monetary Fund.
Countries visited: Nigeria and Niger.
Stated aim: deepen the Fund’s partnership with Africa.
Promised forms of support: providing technical assistance, offering policy advice, using the Fund’s expertise ("using our best brains"), making available resources, and giving credibility to reform programs announced and implemented by some governments.
Direct quote on assistance: “And if we can help in any shape or form by providing technical assistance, by offering policy advice, using our best brains, and by making available the resources that we have, and to give credibility to the reform programs that some governments have announced and are implementing, then the better.”

Persistent vulnerability to global shocks across the continent despite positive drivers.
Need to balance responding to growing demand for resources and scaling infrastructure investment with management of global uncertainty.

Emphasis on partnership and listening to country needs.
Channels of support identified: technical assistance, policy advice, resources, and credibility support for reforms.
Institutional context: the IMF is an organization of 191 countries, working to foster global monetary cooperation and financial stability.

IMFBlog is described as a forum for the views of IMF staff and officials on pressing economic and policy issues.
Standard note: The views expressed are those of the author(s) and do not necessarily represent the views of the IMF and its Executive Board.

Source: Showcasing a More Confident Africa — Christine Lagarde, December 16, 2011.

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