{"content":[{"text":"the seeds for a better future are germinating. Indeed, since the early \n 1990s, many countries in sub-Saharan Africa have been implement- \n ing sound macroeconomic policies and structural reforms to raise \n real per capita incomes, reduce inflation, and narrow financial \n imbalances. But despite these improvements, poverty remains wide- \n spread, private investment is subdued, and most African countries \n continue to depend heavily on external assistance. Moreover, macro- \n economic imbalances are still sizable, and most countries remain \n highly vulnerable to changes in external conditions.1 \n There is today a widespread consensus—both within Africa and \n among its international partners—that intensified efforts are \n required to increase growth by fostering private investment through \n more open markets and trade and by ensuring a more secure envi- \n ronment. In the second part of the paper, I will review the content of \n such \"second-generation reforms,\" which encompass not only eco- \n nomic, but also political and judicial dimensions. I will conclude \n with the main challenges facing Africa in an increasingly globalized \n world.","bbox":{"left":0.084304,"top":0.051937,"width":0.731796,"height":0.35632400000000003}},{"text":"Africa's Economic Recovery","bbox":{"left":0.294509,"top":0.441066,"width":0.31306500000000004,"height":0.019079999999999986}},{"text":"Sub-Saharan Africa has made substantial progress toward \n macroeconomic stability during the current decade. The most \n encouraging aspect of this turnaround is that it has been underpinned \n by determined efforts by an increasing number of African countries \n to implement sound financial policies and market-friendly structural \n reforms. These efforts have often been undertaken with the support \n of the International Monetary Fund (IMF) through its technical \n assistance and financial assistance under the Enhanced Structural \n Adjustment Facility (ESAF). This facility is specially tailored to the \n needs of low-income countries and is highly concessional, carrying \n an interest rate of 0.5 percent a year for loans that are repaid in 10 \n equal semiannual installments, beginning 5 1/2 years and ending \n 10 years after the date of each disbursement. This economic \"renais- \n sance\" can be illustrated with the help of a few key indicators.","bbox":{"left":0.084581,"top":0.473356,"width":0.734161,"height":0.277193}},{"text":"1It is important to note that averages conceal large differences \n among countries.","bbox":{"left":0.085413,"top":0.789515,"width":0.588735,"height":0.03445300000000007}},{"text":"in performance","bbox":{"left":0.685137,"top":0.791512,"width":0.13204300000000002,"height":0.01546000000000003}},{"text":"10","bbox":{"left":0.442596,"top":0.855435,"width":0.02160200000000001,"height":0.01734100000000005}},{"text":"©International Monetary Fund. Not for Redistribution","bbox":{"left":0.108061,"top":0.927473,"width":0.65206,"height":0.021924000000000055}}],"images_bbox":[],"images_bbox_not_text_overlap":[]}