Africa > Uganda
Abstract
Sub-Saharan Africa's prospects have deteriorated somewhat and the risks have increased, according to this report. Growth in the region is projected to dip to 6 percent in 2008 and 2009. The fall is due mainly to the global food and fuel price shock, which has weighed particularly on growth in oil-importing countries, and to the global financial market turmoil, which has slowed global growth and demand for Africa's exports. Inflation is expected to rise to 12 percent in 2008, mainly on account of the food and fuel price shock. As a result of rising prices, particularly of food, poverty may well be on the increase in 2008. In 2009, inflation should ease to 10 percent, helped by recent commodity price declines. There are significant risks to the outlook related to a potentially deeper and longer period of global financial turmoil and resulting slowdown in global activity, and substantial uncertainty concerning commodity prices.
Abstract
The region's prospects look strong. Growth in sub-Saharan Africa should reach 6 percent in 2007 and 6¾ percent in 2008. The economic expansion is strongest in oil exporters but cuts across all country groups. This would extend a period of very good performance. In recent years, sub-Saharan Africa has been experiencing its strongest growth and lowest inflation in over 30 years.
Abstract
This paper presents the sixth survey of developments in international and national monetary law and practice involving special drawing rights (SDRs), currencies, and gold. The paper highlights that a member’s currency held by the IMF in accounts other than the General Resources Account is not subject under the IMF’s Articles of Agreement to the principle of maintenance of value in terms of the SDR that applies to currency held in the IMF’s General Resources Account. The IMF has express or implied powers to invest holdings in accounts to which no obligation to maintain value is attached.
Abstract
The speeches made by officials attending the IMF–World Bank Annual Meetings are published in this volume, along with the press communiqués issued by the International Monetary and Financial Committee and the Development Committee at the conclusion of the meetings.