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.... ....   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact Towards a better life for the people Search The Archives   Cover Stories National News South West Niger Delta South East North Politics Business Sports World Viewpoints Features   ..... NATIONAL NEWS IMF boss warns African nations on use of oil sales windfall By Funmi Komolafe, Labour Editor Friday, September 10, 2004 OUGADOUGOU — MANAGING Director of the International Monetary Fund, (IMF) Mr. Rodrigo de Rato has cautioned  African countries against squandering  the current windfall from oil sales which accruing to them could inject some $15 billion  into the coffers of African producer. Mr. Rodrigo de Rato who spoke at the African Union Extraordinary Summit on Employment said for countries rich in mineral  resources like Nigeria, “a key priority for them is to avoid boom-bust cycles as oil prices rise and fall. This will require that much  of the revenue windfall from high prices be saved and incorporated into a medium-term fiscal framework aimed at achieving  fiscal and debt sustainability.” He said the IMF remains committed to its assistance to African countries in order to tackle their challenges. “A process of  reflection is currently underway assessing the IMF’s work with all its low-income members.” The IMF boss whose audience included Heads of State of African countries said, “ I believe poverty reduction strategy process,  with its emphasis on ownership and participation, carries significant promise and should be continued and reinforced but where  the current instruments of the IMF are inadequate, new approaches need to be considered to achieve our shared objectives of  growth and poverty reduction in Africa.” He announced three priority areas of the IMF . These are; making IMF financial assistance more flexible and responsive,  sharpening its roles in countries that do not need IMF financial assistance and reinforcing its analysis and assistance in support of  Africa’s regional integration initiatives. Mr.Rodrigo de Rato who described his visit to Ougadougu as his second visit to Africa; the first being Nigeria explained “ a  more generalized mechanism to tackle economic shocks within our programmes with low-income countries will be discussed  shortly”. He said, “harnessing Africa’s immense potential is a global priority for the 21st century. The African Union, with its vision of  economic integration across the continent, will surely play a pivotal role in this effort,” adding  that the IMF remains committed to  Africa’s economic development.   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact © 1998- 2004. Vanguard Media Ltd.

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