Browsing: imf in africa

The Board of Governors of the International Monetary Fund has approved a general allocation of Special Drawing Rights (SDRs) equivalent to US$650 billion (about SDR 456 billion), to boost global liquidity.

In a statement, IMF Managing Director Kristalina Georgieva termed the move as historic, adding that it is the largest SDR allocation in the history of the IMF.

The SDR is an international reserve asset created by the IMF to supplement the official reserves of its member countries.

The IMF adds that SDR is not a currency, but has a potential claim on the freely usable currencies of IMF members. As such, SDRs can provide a country with liquidity.

“Special Drawing Rights (SDRs) are an asset, though not money in the classic sense because they cannot be used to buy things. The value of an SDR is based on a basket of the world’s five leading currencies – the US …

Africa has experienced marginalisation and social exclusion since gaining independence from its colonisers. Among the policies developed during the colonisation era was the exclusion of Africans from any level of government, or if they were allowed to join, they joined without authority. This kind of racial discrimination is still being experienced in global workspaces to date. Africa has remained stagnant and regressed in terms of foreign trade, investment, per capita income, and other economic growth measures to date due to the effects of colonisation.

Poor governance and corruption, amongst other factors, have continued to repress Africa’s growth; however, more governments are taking the initiative to improve policies that promote education and health outcomes for their people, thereby reducing social exclusion and marginalisation.…