Reflecting a short-term positive outlook for Africa, the International Monetary Fund said Friday economic growth in countries south of the Sahara is projected to rise to about 6.5 percent in 2007. In a number of countries, the report said, this growth is driven by rising oil production But even in oil importing countries, the IMF said, growth should remain steady at 5 percent, according to AP. The report said inflation for the region is expected to remain unchanged at around about 7 percent with 36 of 48 countries reporting single digit inflation. «The higher growth trend in sub-Sahara Africa is attributable to both to positive external developments, such as foreign demand and high commodity prices and strong domestic and productivity gains,» the IMF said. The report said sound economic policies in many countries also played an important role in their performance. The IMF said more remained to be done to achieve a series of development goals established by the international community for 2015, including improving health and education programs. The report said the increased international aid was needed to achieve these goals but so far the scaling up of aid promised by the major industrialized countries at their summit two years in Gleneagles, Scotland two years ago has not materialized. -- SPA
