IMF MD wraps up West Africa trip

REUTERS

International Monetary Fund's Managing Director Christine Lagarde addresses a roundtable discussion in Lagos, December 20, 2011. Lagarde is on her first trip to Africa as the Managing Director of the IMF.

Chief of the International Monetary Fund (IMF) Christine Lagarde was to leave West Africa Thursday after visiting the continent's most populous country, Nigeria, and one of its poorest, neighbouring Niger.

During a visit to Niger Wednesday and Thursday, Lagarde told local journalists that the country's gross domestic product could grow dramatically in 2012, up to 14 percent, if natural resource wealth was invested wisely.

Despite vast natural resources, notably uranium, Niger is ranked second from bottom on the UN's 187-country strong Human Development Index, just above the Democratic Republic of Congo.

According to a 2011 report from the UN's Human Rights division, ?high levels of corruption prevent the general population from sharing in the country's wealth.?

?Uranium mining contracts in particular have been highlighted by observers as being allocated in a covert manner. A lack of transparency perpetuates the corruption,? the report adds.

But Lagarde, who is on her first trip to Africa since succeeding Dominique Strauss-Kahn in May, admitted that ?few countries have managed natural resource wealth well.?

Niger is also plagued by seasonal food shortages, usually peaking between June and September when crop availability is generally low. About 70 per cent of the country's population depend on farming and access to locally-harvested crops.

The UN's Children's Agency (UNICEF) launched an appeal this month for 65 million dollars, to prevent what it calls a potential ?tragedy? in 2012 in Niger. The agency said that more than one million children are at risk from serious malnutrition in Niger and the surrounding Sahel belt.

On Monday and Tuesday, Lagarde visited Nigeria, where she met with President Goodluck Jonathan and praised the country's economic progress.

But, she told Nigeria's This Day newspaper that African nations should expect economic shocks as a result of the eurozone crisis.

?Growing economic uncertainty in the world is raising concerns across the continent, where vulnerability to global shocks remains high,? she said. - Sapa-dpa

Source: http://www.iol.co.za/imf-md-wraps-up-west-africa-trip-1.1203383

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