By International Monetary Fund, Gerald K. Helleiner

Edited via G.K. Helleiner, this quantity includes the court cases of a symposium together backed by means of the organization of African principal Banks and the IMF that used to be held in Nairobi, Kenya, in may perhaps 1985.

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Additional info for Africa and the International Monetary Fund : papers presented at a symposium held in Nairobi, Kenya, May 13-15, 1985

Sample text

Income and asset distributions are skewed, and the speed of adjustment is quite slow. We are therefore understandably hesitant about the efficacy of the Fund's prescriptions, especially when there are quite legitimate and serious doubts, even at technical and factual levels, about the benefits which much better articulated and richer economies than ours have derived from the kind of policies we are often called upon to implement. We feel that much more thought than ever before needs to be given at technical levels in the Fund to these questions.

Any improvements in economic conditions that resulted must be credited to the perseverance and tenacity of these officials. The Fund's Financial Activities in Africa The Fund has played an active role in supporting the adjustment efforts of its African members in recent years. 2 billion. 5 billion was provided under the Fund's compensatory financing facility in response to shortfalls in African countries' export proceeds and also, in some cases, to increases in cereal import costs. At the end of April of this year, the Fund had 14 stand-by arrangements and one extended arrangement with its African members and two more stand-by arrangements pending—for Cote d'Ivoire and Togo.

No one questions that Africa's economic ills have structural causes, nor that the cures must also be structural. How, then, can the Fund, which operates primarily on short-term macroeconomic variables, help us toward solutions for structural ills? That, I think, is the core question before us. The Fund, in its stand-by and extended arrangements, concentrates on a set of short-term macroeconomic policy variables that also have long-run impacts. These variables include the exchange rate, interest rates, external borrowing, domestic credit and the money supply, and government deficits.

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Africa and the International Monetary Fund : papers presented at a symposium held in Nairobi, Kenya, May 13-15, 1985 by International Monetary Fund, Gerald K. Helleiner


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