IMF [to 23 April 2016]
http://www.imf.org/external/news/default.aspx
[We generally limit coverage to regional and global level initiatives, recognizing that a number of country-level announcements are added each week]
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Press Release: International Organizations Take Major Step to Boost Global Cooperation in Tax Matters
April 19, 2016
[see Week in Review above for more details]
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Press Release: African Consultative Group Meeting: Statement by the Chairman of the African Caucus and the Managing Director of the IMF
April 17, 2016
Mr. Abdoulaye Bio-Tchané, Chairman of the African Caucus, and Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), co-chaired the African Consultative Group meeting today at the IMF Headquarters. They issued the following statement after the conclusion of the Group’s meeting in Washington.1
“We had very productive discussions on Africa’s economic prospects, highlighting the near-term policy challenges as well as the continued opportunities. Reflecting the more difficult external economic environment and, in particular, the sharp drop in commodity prices, and tighter financial conditions, growth in Africa is projected to decline to about 3 percent in 2016, the lowest level in a long while. However, there is significant variation in growth performance across countries, with low-income countries in sub-Saharan Africa continuing to grow by over 5 ½ percent.”
“We concurred that the decline in commodity prices is likely to be long lasting, as the causes seem structural rather than temporary—including the ongoing rebalancing of demand in China and, in the case of oil, technological innovation that has enhanced supply. We also recognized that non-economic shocks such as weather- and security-related challenges, are posing downside risks to Africa’s economic prospects.”
“Against this backdrop, we agreed that prompt fiscal adjustment is needed to safeguard macroeconomic stability and rebuild policy buffers across the region, especially in oil-exporting countries. We also concurred that, in pursuing these consolidation efforts, country authorities should aim at protecting priority expenditures, such as social expenditures and well-prioritized and efficient infrastructure spending, with a view to ensuring that longer term development goals remain achievable. Furthermore, we agreed that, where feasible, the exchange rate should be allowed to adjust as needed to absorb shocks and improve competitiveness, with central banks’ interventions limited to mitigating disorderly market movements…
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