BloombergBusiness: Africa Nations Must Cut Fuel Subsidies on Oil Drop, IMF Says

(Bloomberg) -- African nations should cut fuel subsidies and oil exporters curb spending as a slump in crude prices takes it toll on government revenue, says IMF Managing Director Christine Lagarde. According to Lagarde, subsidizing countries "should think about reducing and phasing out the oil subsidies, taking advantage of the oil price and using public finance more wisely" while oil-exporting countries are advised to remain very cautious with public spending. The 60% drop in oil prices has already forced policy makers in Nigeria to devalue the currency, raise interest rates to a record and consider shaving the 2015 budget by 8 percent.  Lagarde claims that Nigeria should re-examine its fiscal and monetary policies immediately after elections to see if further action is needed.

Click through the following link to read the full article: Africa Nations Must Cut Fuel Subsidies on Oil Drop, Lagarde Says

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The New York Times: "Africa’s Economy Is Rising. Now What Happens to Its Food?"

Expressed in terms of purchasing-power parity. Source: Analysis of World Bank data

The New York Times: For decades, the economies of Africa were the world’s economic laggards. They aren’t anymore. Over the last decade, Africa’s per capita income has grown at a rate nearly identical to that of the rest of the world. It’s reasonable to imagine that the continent is in the early stages of a trajectory that could mimic that of Latin America or, more ambitiously, parts of Asia. Click through the following link to read the full article: Africa’s Economy Is Rising. Now What Happens to Its Food?

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We Know Africa: From Cairo to Cape Town

For more information please call 646-367-2820