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International Monetary Fund. External Relations Dept.

On September 20, six African finance ministers briefed the press in Dubai on the main challenges facing Africa, raising, in particular, concerns about the failure at Cancún to make progress on market access. Ngozi Okonjo-Iweala (Minister of Finance for Nigeria), Michel Meva’a Meboutou (Minister of Economy and Finance for Cameroon), Ng’andu P. Magande (Minister of Finance and National Planning for Zambia), Ali Badjo Gamatie (Minister of Finance for Niger), B.R. Kukuri (Deputy Minister of Finance for Namibia), and Jean Baptiste Compaore (Minister in charge of Budget and Finance for Burkina Faso) also addressed progress on the UN’s Millennium Development Goals, debt relief, poverty reduction, NEPAD, and voice and representation in the Bretton Woods institutions.

International Monetary Fund. External Relations Dept.

Across Africa, IMF monetary and financial sector experts are helping to develop and strengthen institutions, markets, and capacity to formulate and implement sound monetary and financial policies. Positive impact from this help is reflected in stronger financial systems that support high sustained growth rates.

International Monetary Fund. External Relations Dept.

Agrowing body of literature is analyzing the impact of corruption on economic activity. Carlos Leite, an Economist in the IMF’s African Department, and Jens Weidmann, a former IMF Economist who is now Secretary General of the German Council of Experts, look at the link between natural resource abundance and corruption and lower growth over the long term. In an interview with the IMF Survey, they discuss their findings, which have recently been published in IMF Working Paper No. 99/85, Does Mother Nature Corrupt? Natural Resources, Corruption, and Economic Growth.

International Monetary Fund. External Relations Dept.

Following is the text of the Communiqué issued by the finance ministers and central bank governors of the Intergovernmental Group of 24 on International Monetary Affairs and Development at the conclusion of their meeting.