Africa’s economies to grow average of 5.4 percent in 2006

20 March 2006

Lusaka, Zambia, 20 March – The average economic growth rate for African countries is expected to reach 5.4 percent this year, 0.6 percentage points more than in 2005, the director of the International Monetary Fund (IMF), Rodrigo Rato said Saturday.

Speaking in the Zambian capital, Lusaka, during a tour of some African countries, Rato said that growth of Africa’s economies would be helped by debt pardons from the IMF, which was granted at the end of last year.

“We have had sustainable economic growth perspectives in Africa, now is the time to build strong macroeconomic stability,” Rato said.

The IMF director visited 13 countries covered by the debt pardon, such as Zambia, Ghana and Uganda.

He also had meetings with representatives from Mozambique, Ethiopia, Tanzania and Malawi.

The tour began in Equatorial Guinea where Rato met with the leaders of some oil producing countries in the region, to discuss ways of making their economies function in a more transparent manner. (macauhub)