Africa is on the move. While several other regions of the world have to address slowdown and uncertainty, many countries in Africa have been facing a contrasting challenge: to respond to the growing demand for their bountiful resources and manage rising investment in much-needed infrastructure. At the same time, growing economic uncertainty in the world is raising concerns across the continent, where vulnerability to global shocks remains high.In this context, my first visit to Africa as head of the International Monetary Fund could hardly be better timed. In the last decade or so, Africa has sprung from being all too often a casualty of internal and external shocks, to gaining new confidence in its economic success. Perseverance with sound policies is paying off, and institutions such as the IMF have not been shy in showcasing how this continent has stuck to its task of reform and recovery.Africas natural resource wealth is attracting rising foreign investment to help develop and extract those resources. Domestic and foreign investment are increasingly addressing the large infrastructure gaps that many countries still face. And spending in the social sectors, while still insufficient in many countries, has been rising steadilyreflected in better health and education outcomes.In sub-Saharan Africa, growth has averaged 5-6 per cent a year over the past decade. That is goodbut not good enough. In particular, the management of natural resource wealth poses both economic and governance challenges that will need to be addressed to ensure sustained and inclusive growth, and decisive progress in poverty reduction.It will be important to ensure that the benefits of growth are shared and that it fosters job creation. It will also be important to promote the development of financial sectors, which remain shallow in many African countries. Indeed, innovative solutions to foster financial sector development could be a spur to much needed growth, not least by strengthening financial ties between Africa and its partners.One of the consequences of greater engagement with the rest of the world, however, is that other countries problems can soon become Africas problems. African countries are concerned about the impact of a crisis that comes from outside Africaa possible economic slowdown brought on by a financial crisis in the advanced economies, especially in Europe. So there needs to be a focus on how African countries can best shield themselves from the effects of the crisis. I will visit three countries that display both Africas considerable achievements and its unfinished business.- My first port of call will be Nigeria, Africas most populous country and its largest oil producer. I look forward to discussing the comprehensive agenda that Nigerias leadership is formulating to tackle its economic challenges, including its dependence on oil and the need to accelerate job creation.- Then I will visit Niger, one of Africas poorest countries but an economy with the promise of wealth from new mineral projects. For Niger, it will be a priority to translate rising oil and mining revenue in the coming years into higher economic growth and employment, especially for the young.- Finally, I will travel to South Africa, one of the continents most developed economies and a key member of the Group of 20 advanced and emerging market economies. South Africa is closely integrated with global capital markets and global economic uncertainty has a particularly direct impact on the South African economy, including its labour market.First-hand experience of key issues in each of these countries will help me understand where and how the IMF can best offer its assistance to Africa. The IMF stands ready to support African countries needs in the core areas of its expertisepolicy advice, technical assistance (including through four regional centres on the continent), and lending programmes tailored to individual needs (and carrying zero interest rates through 2012). For although the overall outlook for Africa is bright, there is still a lot of work to do.I look forward to seeing at first hand the successes of the past decade and also the challenging agenda. The future for Africa is promising, but many countries remain vulnerable to global economic turmoil. The IMF, with its economic and financial expertise, can help Africa face these challengesreinforcing confidence in the continent.- Christine Lagarde, Managing Director, International Monetary Fund.
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