News Column

IMF Urges Good Oil, Gas Management

January 21, 2014

Ludovick Kazoka

GOOD management of oil and gas based on good policy is the key for efficient exploitation of natural resources, the International Monetary Fund (IMF) has said. Addressing a seminar on opportunities and challenges in Dar es Salaam on Monday evening, the IMF Deputy Director in Africa Department , Dr Roger Nord , said the good management of natural resources would tremendously promote economic growth in Sub-Saharan Africa. "Sub-Saharan Africa is projected to grow vigorously as countries are rich in natural resources," noted Dr Nord while presenting a paper at the seminar jointly organized by the Department of Economics at the University of Dar es Salaam (UDSM) and Central Bank of Tanzania . He said Sub-Saharan Africa including Tanzania should step up efforts to further improve domestic business climate in order to continue attracting foreign capital for the development of the countries' productive capacity and infrastructure. Dr Nord added that the country should borrow a leaf from minerals sector to improve the policy on oil and gas, saying it should be geared towards good management of the natural resources. He said private capital flows to sub-Saharan Africa grew significantly in the past decade, saying Africa had to rely heavily on official resources to finance balance of payments needs. Dr Nord also said the management of capital flows was more likely to be successful if it was supported by sound fiscal, monetary and exchange rate policies and adequate fiscal and international reserve buffers. Head of Economics Department at UDSM, Dr Jehovaness Aikaeli, said the goal of the seminar was to share results of world economic and financial surveys by the International Monetary Fund (IMF). "We normally conduct seminars to share results of researches on economics state in order to get experience from out of the country," he said.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: AllAfrica

Story Tools