International Monetary Fund. External Relations Dept.
Africa's Middle-Class Motor finds growing evidence that a recent resurgence in the continent's economic well-being has staying power. In his overview article, Harvard professor Calestous Juma says the emphasis for too long has been on eradicating poverty through aid rather than promoting prosperity through improved infrastructure, education, entrepreneurship, and trade. That is now changing: there is a growing emphasis on policies that produce a middle class. The new African middle class may not have the buying power of a Western middle class but it demands enough goods and services to support stronger economic growth, which, as IMF African Department head Antoinette Sayeh points out, in turn helps the poorest members of society. Oxford University economist Paul Collier discusses a crucial component of Africa's needed infrastructure: railways. It is a continent eminently suited to rail, development of which has been held back more by political than economic reasons. But even as sub-Saharan African thrives, its largest and most important economy, South Africa, has had an anemic performance in recent years. We also profile Ngozi Okonjo-Iweala, Nigeria's colorful economic czar. "Picture This" mines current trends to predict what Africa will look like a half century from now and "Data Spotlight" looks at increased regional trade in Africa. Elsewhere, Cornell Professor Eswar Prasad, examines a global role reversal in which emerging, not advanced, economies are displaying resilience in the face of the global economic crisis. The University of Queensland's John Quiggin, who wrote Zombie Economics, examines whether it makes sense in many cases to sell public enterprises. Economists Raghuram Rajan of the University of Chicago and Rodney Ramcharan of the U.S. Federal Reserve find clues to current asset booms and busts in the behavior of U.S. farmland prices a century ago.
This Joint Staff Advisory Note focuses on the Poverty Reduction Strategy Paper (PRSP) for Djibouti. Djibouti’s National Initiative for Social Development (“Initiative Nationale pour le Développement Social”—INDS) provides a comprehensive vision for economic growth and poverty reduction. Notwithstanding some important achievements of the PRSP-I, overall progress in achieving its objectives has been limited. IMF staff commends the government for a well-designed and ambitious poverty reduction strategy. IMF staff considers that the INDS benefits from better prioritization and draws lessons from the shortcomings in the implementation of the PRSP-I.
This report reviews the Joint Staff Assessment of the Poverty Reduction Strategy Paper Annual Progress Report for The Federal Democratic Republic of Ethiopia. It summarizes the Sustainable Development and Poverty Reduction Program (SDPRP), which is the Poverty Reduction Strategy Paper for Ethiopia. The staff of the Bank and IMF considers that Ethiopia's efforts toward implementation of the strategy provide sufficient evidence of its continuing commitment to poverty reduction, and therefore the strategy continues to provide a credible framework for World Bank and IMF concessional assistance.
Guinea’s 2007–10 Poverty Reduction Strategy Paper is intended to reestablish strong, sustainable economic growth in a favorable political and institutional context. The percentage of underweight children under age five has increased from 25.8 percent in 2005 to 26.1 percent in 2008, indicating a slight increase in malnutrition. The coverage of vaccination against measles for children under age one declined from 85.3 percent in 2007 to 65.4 percent in 2008. The number of health centers nationwide remains unsatisfactory despite a modest increase from 399 in 2007 to 410 in 2009.
Niger’s new Poverty Reduction Strategy (PDES) represents its overarching reference framework for the government’s development agenda. It also proposes changes in policy orientation and institutional arrangements to respond to recent developments in Niger and in the subregion. The PDES was developed in an inclusive participatory process. Overall, it provides a comprehensive analysis of development challenges and a plan to achieve accelerated sustainable growth, identifies key risks to the achievements of the objectives as well as mitigating measures.
Depuis plusieurs années, le FMI publie un nombre croissant de rapports et autres documents couvrant l'évolution et les tendances économiques et financières dans les pays membres. Chaque rapport, rédigé par une équipe des services du FMI à la suite d'entretiens avec des représentants des autorités, est publié avec l'accord du pays concerné.
International Monetary Fund. External Relations Dept.
IMF Managing Director Horst Köhler traveled to Ethiopia on July 5 to discuss the challenges facing the drought-stricken country and to emphasize the IMF’s strong commitment to support the country’s long-term vision for economic growth and poverty reduction. In subsequent stops on the week-long trip, Köhler visited Kenya, Madagascar, and Mozambique, where he attended the African Union Heads of State meeting in Maputo.
This paper highlights that for the IMF, July 2004 marked the 60th anniversary of the conference in Bretton Woods, New Hampshire, when delegations from 44 allied countries drafted and agreed upon the IMF’s charter. The IMF’s role and work have evolved in response, but like any large organization, its ability to change has been limited by its own rules and mandate and has been held back by inertia. This year’s anniversary offers an opportunity to reflect on how gaps between the reality and the ideal might be closed in the coming years.