Banjul, Gambia (PANA) - The International Monetary Fund (IMF), in collaboration with the ministry of finance and economic affairs, Wednesday organised an outreach forum to present the October 2019 regional economic outlook for sub Saharan Africa (REOS-SA), official sources told PANA here.
The event, which was held under the theme “Navigating Uncertainties”, discussed the economic outlook for sub- Saharan Africa region, and key challenges confronting the region’s policymakers.
Speaking at the forum, Mod Secka, permanent secretary, ministry of finance and economic affairs, said the flagship publication by the international monetary fund staff in the Africa department continued to provide valuable insight to government authorities and, most importantly, policy makers across Africa on important issues confronting their economies.
According to him, the main objective of the policymakers is to transform the vision of government into concrete policies that would touch the lives of the people.
He pointed out that the report provided them with the opportunity to navigate uncertainties amidst global slowdown stemming from trade tensions, increasing debt vulnerabilities, climatic and security challenges.
Mamadou Barry, IMF country representative, presented the sub Saharan Africa economic outlook-report.
He said since the 2014-15 term of trade shock, sub Saharan Africa growth was bifurcated with the non-resource intensive countries outpacing the resource-rich ones.
He pointed out that, in per capital term, 25 countries would continue to converge toward the world average Gross Domestic product but another 20 countries would lag behind.
“Job creation will need to double in the next 10years,” he said.
He explained that, despite lowering interest rates in many countries, private sector credit growth had been slow due to worsening bank asset quality, large public borrowing and regulatory changes.
Bernard Mendy, Economist at International Monetary Fund, at The Gambia office, in his presentation on the domestic arrears in sub Saharan Africa, said most sub- Saharan Africa countries officially reported expenditure arrears.
“Country authorities should make every effort to clear existing arrears and prevent arrears accumulation,” he said.
He also explained that challenges relating to domestic arrears in the Gambia and sub Saharan Africa were the absence of standardize definition and coverage of public sector and lack of database on domestic arrears.
-0- PANA MSS/RA 27Nov2019