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IMF/WB Meeting opens: Liberia's reform highlighted |
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Written by Vivian Gartyn
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Thursday, 09 October 2008 |
The Annual IMF report from Africa Group One shows the achievement of strong reforms for Liberia since 2005.
The report released at the IMF/World Bank meeting in Washington highlighted a stable political and macroeconomics environment and increase in GDP growth.
It also highlighted the recovery of the export sector though still at a narrow base with rubber accounting for ninety percent of exports.
The report attributes the recovery to sound micro-economic management, turn around in agriculture and high donor presence in services.
Despite the reported growths the IMF acknowledged that the rehabilitation of infrastructure and delivery of basic social services remain a priority.
The Outgoing Executive Director of the Africa Group One said the challenge for government is to now build on the stability to tackle growth issues.
Mr. Peter Gakunu said with out proper programs to fight poverty, people will not feel the impact of the reforms and will take a negative posture to the policies of the IMF.
Mr. Gakunu also cautioned African governments to begin to put in place policies to address the inevitable effect of the financial crisis abroad.
He said the impact may not be immediately felt but warned that exports would be affected, aids would be cut, remittances from U.S. would fall sooner or later.
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