Rodrigo de Rato: Revenue from high oil prices can help fight poverty

From a speech by the managing director of the International Monetary Fund, given in Libreville, Gabon

Share
Related Topics

This is my first visit to Africa as managing director of the IMF. To seize fully the economic potential of its natural resource wealth, and make decisive inroads in the fight against poverty, will require strong policies. My discussions with leaders from the region make me optimistic this will be possible.

The key priority, supported by all leaders, is to harness the revenue from oil production for development and poverty alleviation. This will require continued sound macroeconomic policies, including fiscal policies that deal prudently with the windfall gains from current high oil prices.

While in Africa, much of our discussions are about the policy requirements for Africa itself. But the advanced economies must also play their part, and the IMF will continue to remind them of their responsibility in two areas in particular: more, and better coordinated, official development assistance, primarily in the form of grants; and improved opportunities for African and other low-income countries' exports. Improving market access to the advanced economies and dismantling trade-distorting subsidies in these markets are on the table in the Doha trade round. This is a critical opportunity to make a significant advance in multilateral trade liberalisation that will benefit the poorest countries.

This opportunity to listen to leaders from the region as well as to members of civil society [has] further strengthened my belief that the fund has an important role to play in improving economic growth and alleviating poverty in Africa.

React Now

Latest stories from i100
Have you tried new the Independent Digital Edition apps?
iJobs Job Widget
iJobs General

Recruitment Genius: Sales Administrator

Negotiable: Recruitment Genius: This caravan dealership are currently recruiti...

Recruitment Genius: Invoicing Clerk

£14500 - £17500 per annum: Recruitment Genius: This company are contractors to...

Recruitment Genius: Executive Administrator / Marketing Assistant

£20000 - £25000 per annum: Recruitment Genius: This leading supplier of packag...

Recruitment Genius: Trainee Field Sales - OTE £30,000

£18000 per annum: Recruitment Genius: This company is a rapidly expanding offi...

Day In a Page

Read Next
 

Greek tragedy casts a dark cloud over George Osborne's first Conservative-only Budget

Andrew Grice
Vulnerable consumers are defined as those with poor literacy skills, those who have caring responsibilities, people with disabilities, dementia or the old  

Libraries have shut, spare rooms are taxed and social care budgets slashed - so how are we meant to look after the elderly?

Boyd Tonkin
Greece debt crisis: What happened to democracy when it’s a case of 'Vote Yes or else'?

'The economic collapse has happened. What is at risk now is democracy...'

If it doesn’t work in Europe, how is it supposed to work in India or the Middle East, asks Robert Fisk
The science of swearing: What lies behind the use of four-letter words?

The science of swearing

What lies behind the use of four-letter words?
The Real Stories of Migrant Britain: Clive fled from Zimbabwe - now it won't have him back

The Real Stories of Migrant Britain

Clive fled from Zimbabwe - now it won’t have him back
Africa on the menu: Three foodie friends want to popularise dishes from the continent

Africa on the menu

Three foodie friends want to popularise dishes from the hot new continent
Donna Karan is stepping down after 30 years - so who will fill the DKNY creator's boots?

Who will fill Donna Karan's boots?

The designer is stepping down as Chief Designer of DKNY after 30 years. Alexander Fury looks back at the career of 'America's Chanel'
10 best statement lightbulbs

10 best statement lightbulbs

Dare to bare with some out-of-the-ordinary illumination
Wimbledon 2015: Heather Watson - 'I had Serena's poster on my wall – now I'm playing her'

Heather Watson: 'I had Serena's poster on my wall – now I'm playing her'

Briton pumped up for dream meeting with world No 1
Wimbledon 2015: Nick Bollettieri - It's time for big John Isner to produce the goods to go with his thumping serve

Nick Bollettieri's Wimbledon Files

It's time for big John Isner to produce the goods to go with his thumping serve
Dustin Brown: Who is the tennis player who knocked Rafael Nadal out of Wimbeldon 2015?

Dustin Brown

Who is the German player that knocked Nadal out of Wimbeldon 2015?
Ashes 2015: Damien Martyn - 'England are fired up again, just like in 2005...'

Damien Martyn: 'England are fired up again, just like in 2005...'

Australian veteran of that Ashes series, believes the hosts' may become unstoppable if they win the first Test
Tour de France 2015: Twins Simon and Adam Yates have a mountain to climb during Tour of duty

Twins have a mountain to climb during Tour of duty

Yates brothers will target the steepest sections in bid to win a stage in France
John Palmer: 'Goldfinger' of British crime was murdered, say police

Murder of the Brink’s-MAT mastermind

'Goldfinger' of British crime's life ended in a blaze of bullets, say police
Forget little green men - aliens will look like humans, says Cambridge University evolution expert

Forget little green men

Leading evolutionary biologist says aliens will look like humans
The Real Stories of Migrant Britain: An Algerian scientist adjusts to life working in a kebab shop

The Real Stories of Migrant Britain

An Algerian scientist struggles to adjust to her new life working in a Scottish kebab shop
Bodyworlds museum: Dr Gunther von Hagens has battled legal threats, Parkinson's disease, and the threat of bankruptcy

Dying dream of Doctor Death

Dr Gunther von Hagens has battled legal threats, Parkinson's disease, and the threat of bankruptcy