In recent months, prices of oil, nickel, tin, corn, and wheat have hit record highs, building on dramatic increases since their lows of 2000. What does this mean for sub-Saharan Africa, a highly diverse region of net commodity importers and exporters?
The IMF is working with vulnerable member countries to assess the fiscal, balance of payments, and income effects of higher food prices and of higher commodity prices more generally.
Michael Deppler, head of the IMF’s European Department for the past 11 years, speaks in the following interview about the effects of the subprime crisis on Europe and the IMF’s first multilateral consultation, a high-level initiative aimed at reducing global economic imbalances.
A number of African countries are considering adopting a flexible new policy framework with the IMF that enables them to secure Fund support for, and endorsement of, their economic policies without a borrowing arrangement. Since the new Policy Support Instrument (PSI) was established by the IMF’s Executive Board in October 2005, four countries in Africa—Nigeria, Uganda, Cape Verde, and most recently Tanzania—have adopted it.
The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx
Abdoulaye Bio-Tchané, Director of the IMF’s African Department, speaks with the IMF Survey about the likely impact ofdebt reliefon the African region.
As a result of its overall satisfactory macroeconomic performance, progress in reducing poverty, and improvements in public expenditure management, Zambia has qualified for debt relief under the Multilateral Debt Relief Initiative (MDRI). Its sustained, robust growth over the past five years represents a striking turnaround after more than two decades of decreasing per capita income.