By International Monetary Fund, Gerald K. Helleiner
Edited by way of G.K. Helleiner, this quantity includes the complaints of a symposium together backed via the organization of African vital Banks and the IMF that used to be held in Nairobi, Kenya, in may well 1985.
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Additional resources for Africa and the International Monetary Fund : papers presented at a symposium held in Nairobi, Kenya, May 13-15, 1985
However, on the basis of existing programs, and of those that are under active negotiation, it appears likely that net use of Fund credit by African countries—under the credit tranche facilities—will continue to expand in 1985, although the use of Fund financial assistance by the African countries might be expected to stabilize somewhat in the years ahead. African countries will be making repurchases under the Fund's special facilities in the next few years, but the net outcome will depend on whether conditions develop that warrant fresh purchases under these facilities.
Not for Redistribution VIEW FROM THE FUND 23 must be maintained and adapted to ever-changing conditions in the domestic and international environment if the momentum of growth is to be sustained. Prospects The Fund hopes to continue to assist its members through its various facilities, provided that appropriate adjustment policies are followed, and to serve the catalytic function of inducing additional finance from official and also private lenders. The Fund cannot project future use of its resources based on a specified country-by-country lending program in the same way a development financing institution can because it has no project pipeline and its funds disburse rapidly rather than being spread out over a project cycle.
Viewed regionally, collective import substitution is, in some cases, both more practicable and more ©International Monetary Fund. Not for Redistribution VIEW FROM AFRICA: 2 39 cost efficient than purely national import substitution. Viewed nationally, it is export promotion. So long as we can buy imports from each other in return for exports to each other (in unusual cases the purchaser can readily pay in convertible currency despite highly unbalanced trade), exports to our neighbors are every bit as valuable as those to our traditional northern markets, and, for manufactures, often pose fewer taste, marketing, and transport-cost barriers.