IMF sees Africa shunning dependence for trade and prosperity

We now have in place less intrusive conditionality that allows member countries to tap funds much more easily through quick disbursement. With the global economic and financial crisis, we have had to relax our borrowing terms making them flexible, with lower interest rates and longer repayment periods to ensure economies under distress do not suffer unnecessarily.

It’s important to note that over time we have come to learn that different economies have unique needs hence the one-size-fit-all approach is no longer tenable. For the IMF it’s been a humbling lesson.

However, there is need to develop strong local check mechanism such as regular audits to ensure that funds are used for the intended purpose.