Tuesday, December 04, 2007

Sub-Saharan Africans to Brief Hill on Negative Impacts of International Monetary Fund Policies in their Countries

4 Dec 2007 14:45 Africa/Lagos


Sub-Saharan Africans to Brief Hill on Negative Impacts of International Monetary Fund Policies in their Countries

WASHINGTON, Dec. 4 /PRNewswire-USNewswire/ --

The following is being issued by ActionAid USA:


WHAT:


Sub-Saharan Africans to Brief Hill on Negative Impacts of International Monetary Fund Policies in their Countries


WHERE:
Room 2220, Rayburn House Office Building

WHEN:
Friday, December 7th, 2:00 pm

WHO:

Ms. Tigidankay Kamara-Willis, Forum for African Women Educationalists (FAWE), Sierra Leone


Ms. Rose Wanjiru, International Partnership Development Coordinator, ActionAid Kenya


Ms. Martha Kwataine, Malawi Health Equity Network, Malawi

CONTACT:
Sandy Krawitz, Communications Director, ActionAid USA
202-492-7207 sandy.krawitz@actionaid.org



Sub-Saharan African civil society representatives will brief Capitol Hill staff and media on the impact of International Monetary Fund (IMF) macroeconomic policies on their health and education sectors. They will detail how these policies impact on the African "Brain Drain" of fleeing health professionals, and the ability of countries to hire the doctors, nurses and teachers they need to educate students, fight HIV/AIDS, and achieve other Millennium Development Goals (MDGs).


A Problem Documented by the IMF: The IMF's Independent Evaluation Office (IEO) earlier this year documented a pattern of IMF policies in Sub-Saharan African countries that sought to constrain inflation and fiscal deficits to levels that, while they may have promoted stability in the countries, did so at a cost to economic growth and public spending on much-needed social services. The IEO report, "The IMF in Sub-Saharan Africa," suggested that IMF conditions have required substantial diversion of foreign aid away from its intended use in areas that directly address poverty alleviation (e.g., health and education) in favor of deficit reduction and the accumulation of currency reserves. The report identified a combination of IMF requirements on currency reserves and inflation levels that resulted in just a fraction of every new aid dollar being spent as intended by donors within a reasonable time period. This briefing will assess the impact of IMF fiscal and monetary policies on education and health sector spending in African countries and will address policy reforms at the IMF that would benefit these countries.


ActionAid is an international anti-poverty agency working in 49 countries, taking sides with poor people to end poverty and injustice together.


Source: ActionAid USA

CONTACT: Sandy Krawitz, Communications Director of ActionAid USA,
+1-202-492-7207, sandy.krawitz@actionaid.org

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