IMF Boss Urges Developing Countries to Prepare for Economic Shock
International Monetary Fund chief, Christine Lagarde has urged developing nations to build up their economic defences.
Lagarde has also said that many countries in sub-Saharan African are less prepared to deal with an economic shock now than they were during the 2008 food and fuel crisis and the global financial turmoil that followed.
She was speaking Wednesday during a trip to Niger, Africa's newest crude oil producer, during which she met President Mahamadou Issoufou and praised his developmental plans.
Lagarde noted that many African countries were able to weather the 2008 and 2009 economic shocks well, maintaining health, education and infrastructure spending and recovering quickly to growth rates enjoyed in the mid-2000s.
Lagarde's December 18-22 trip to Africa, which also included a visit to OPEC-member Nigeria, comes as concerns grow over the impact on developing countries of Europe's sovereign debt crisis through a possible drop in global trade, workers' remittances and investment.
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