IMF Boss Predicts Higher Economic Growth For Africa
 15th JAN 2007

The International Monetary Fund (IMF) Managing Director, Rodrigo de Rato has said that economic growth in sub-Saharan Africa would probably be higher than five per cent this year for the third year running and that the prospects were also good for next year.

He made the statement while addressing Central African leaders Omar Bongo Ondimba of Gabon, Denis Sassou Nguesso of Congo, François Bozize of the Central African Republic and Fradique de Menezes of Sao Tome and Principe at the Gabonese state house recently.

The IMF boss further noted that except for Zimbabwe, the average inflation on the continent is lower than 10 per cent, the lowest in 25 years.

On this issue, he added that many countries were boosted by conducive economic environments - the strong growth of their trade partners throughout the world, high prices of basic commodities and additional resources for development allocated through debt relief.

However, de Rato noted that these results were still not enough considering poverty and the need to work towards achieving the Millennium Development Goals (MDGs).

He later inaugurated the IMF regional African Technical Assistance Centre in Libreville meant for Central Africa.

This centre seeks 'significantly' to build the advisory, training and other capacities of Central African Economic and Monetary Community (CEMAC) member countries - Cameroon, Gabon, Equatorial Guinea, Congo, Chad and the Central African Republic.

Meanwhile, de Rato has continued economic talks with Camerounian officials at the invitation of President Paul Biya.

de Rato will meet cabinet members, representatives of the private sector, civil society, donors and trade union organisations, the Camerounian foreign ministry said.

The talks will mainly focus the Heavily Indebted Poor Countries (HIPC) Initiative, multilateral debt relief, revival of productive investments and the fight against poverty in Cameroon.

De Rato will later take part in a roundtable discussion at the headquarters of the Bank of the Central African States (BEAC) on regional financial issues, due to gather several personalities including the BEAC Governor Jean-FZlix Mamalepot.

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