Most African governments have made considerable progress in pursuing macroeconomic stabilization, usually under the tutelage of the International Monetary Fund. Policy targets for the IMF-supported programs are universally derived from some variation of the standard financial programming methodology. Yet most governments in the region remain dependent on the Fund for the technical analysis. This technical dependency often engenders a lack of ownership of program targets, and the targets themselves are often unrealistic, on the side of austerity. This paper makes the case that African governments must now develop their own financial programming models and system, to take command of the technical analysis, negotiate with the Fund in more pro-active terms, and establish the foundation for a deeper commitment to prudent macroeconomic policy management. Every country has economists who have been trained in financial programming. This is a start, but a concerted effort is needed to develop practical, customized applications, with supporting systems to implement, maintain and refine the models.
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Paper provided by Harvard - Institute for International Development in its series Papers with number
720.
Length: 28 pages Date of creation: 1999 Date of revision: Handle: RePEc:fth:harvid:720
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Find related papers by JEL classification: E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General O20 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - General
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