22 Oct 2014

Bank of Botswana governor, Ms Linah Mohohlo, has returned from Washington DC (USA) where she participated in the annual meetings of International Monetary Fund (IMF) and World Bank in her capacity as Botswana’s representative on the non-executive board of the IMF. 

A press release from the bank stated that the governors deliberated on global growth prospects, challenges and related policy initiatives, funding and other facilities provided by the IMF and World Bank. They also dealt with governance issues, including enhancements of voice and representation of emerging and low income economies on key structures of the Bretton Wood institutions.

It further states that it was acknowledged that economic recovery was incomplete and growth uneven across countries; thus, global economic growth forecasts were continuously being revised downwards, as weighed down by slow progress in structural reforms, weaknesses in the financial sector, macroeconomic imbalances across countries and geopolitical tensions.

Global economic growth, states the release is projected to be 3.3 per cent in 2014 and 3.8 per cent in 2015. The respective growth rates for Sub-Saharan Africa are 5.1 per cent and 5.8 per cent. 

In this regard, says the release, the relatively lower global economic growth was deemed to be insufficient to generate the required jobs and reduction of poverty and inequality. The governors also addressed response initiatives and measures to alleviate infrastructure gaps and build resilience of the global economy, says the release.

It further states that among the policy initiatives to be pursued in response to ongoing global economic challenges, the role of finance and financial inclusion in development was highlighted. In particular, there was a need to promote inclusive growth as well financial deepening and stability.

According to the release, the governor participated in, among others, the concurrent meetings of the Commonwealth Central Bank Governors and the Macroeconomic Economic and Financial Management Institute of Eastern and Southern Africa. 

She also had consultative bilateral meetings with a number of IMF departments, fund managers and other financial institutions on matters of mutual interest, says the release. Ends