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International Monetary Fund. African Dept.

Abstract

Sub-Saharan Africa continues to record strong economic growth, despite the weaker global economic environment. Regional output rose by 5 percent in 2011, with growth set to increase slightly in 2012, helped by still-strong commodity prices, new resource exploitation, and the improved domestic conditions that have underpinned several years of solid trend growth in the region’s low-income countries. But there is variation in performance across the region, with output in middle-income countries tracking more closely the global slowdown and with some sub-regions adversely affected, at least temporarily, by drought. Threats to the outlook include the risk of intensified financial stresses in the euro area spilling over into a further slowing of the global economy and the possibility of an oil price surge triggered by rising geopolitical tensions.

International Monetary Fund. African Dept.

Abstract

In the last few years, the world has experienced three episodes of global financial stress. The most significant took place after the collapse of the U.S. investment bank Lehman Brothers in late 2008. The other episodes, in mid-2010 and late 2011, have involved the deterioration of European public finances and financial conditions. The theme that runs through these three episodes is a generalized increase in global risk aversion (Figure 2.1). This chapter explores the channels through which global financial stress affects sub-Saharan African banking systems,1 reviewing the effects of the 2008–09 financial turmoil and the recent European crisis.

International Monetary Fund. African Dept.

Abstract

Exhaustible natural resources account for a large share of output and export earnings in many sub-Saharan African (SSA) countries. Rising world commodity prices, coupled with new resource discoveries, have stimulated growth in these economies during the past decade. Several additional countries in the region are also poised to become significant resource exporters in the near future. This chapter examines the region’s natural resource exporters and the policies that can help them make effective use of these resources to support economic development.1

Ms. Nancy Louise Happe, Mr. Mumtaz Hussain, and Ms. Laure Redifer

This paper describes why the international community needs to act now to stand a chance of meeting the Millennium Development Goals (MDGs). The paper gives example of Ethiopia, one of the poorest countries in the world, with an estimated per capita income of about US$100. According to the World Bank, recent national household surveys find 44 percent of the people in Ethiopia cannot meet basic needs. The paper discusses that Ethiopia in many ways epitomizes why the MDGs are important and why more money is needed to achieve them.

Wolfgang Rieke

For many years the Australian authorities were concerned about the country’s heavy reliance on exports of agricultural and other primary products. But recently the performance of such exports has been very satisfactory and the discovery of new mineral resources and the rise of modern manufacturing industries is changing Australia’s outlook.

Mrs. Sarwat Jahan and Ke Wang

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

International Monetary Fund. External Relations Dept.

This paper highlights that the financial activity of the IMF reached a new peak in the first three quarters of 1981 in terms of the number of arrangements with members involving high conditionality on the use of the IMF’s resources, the total amount of resources committed under existing arrangements, and the magnitude of actual purchases. There were 25 stand-by arrangements in effect at the end of September 1981, as well as 16 extended arrangements. The total amount of resources made available to member countries in the first nine months of 1981 was SDR 9.3 billion.

Robert R. Miller

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.