It’s been ten years since Lehman Brothers—one of the largest firms on Wall street, was wiped out and closed its doors. Only two weeks before it filed for bankruptcy it held more than 600 billion dollars in assets. The fall of Lehman’s turned a volatile financial market into a full-blown panic and is widely seen to be what triggered the global financial crisis in 2008. In this podcast, IMF Managing Director, Christine Lagarde looks back at one of the most disruptive events in history for the global financial system.
Few would argue that workers’ remittances—the money migrants send to family in their home country—improve the lives of millions of people. Remittances amounted to over $400 billion last year. That’s somewhere between official development assistance and foreign direct investment in terms of size. These massive financial flows have important consequences for the economies that receive them. But in this podcast, IMF economist Ralph Chami says remittances can also have a negative impact on growth. Chami is coauthor, with Ekkehard Ernst, Connel Fullenkamp, and Anne Oeking, of Is There a Remittance Trap featured in the September 2018 edition of Finance and Development Magazine.
Ralph Chami, is an assistant director in the IMF’s Institute for Capacity Development.
Chaque pays en Afrique subsaharienne a son propre ensemble de défis et de possibilités, La communauté internationale a beaucoup investi ces dernières années à savoir comment augmenter la croissance économique de la région, mais la majorité des Africains diraient que le développement de l’Afrique reste entre les mains de ses jeunes entrepreneurs. Mame Khary Diène est une de ces entrepreneurs du Sénégal, où elle transforme les graines de l'énorme arbre de Baobab en huiles exotiques pour la peau. L’huile de Baobab fabriqué par son entreprise est recherchée dans le monde entier. Mame Khary Dienne a été invité à parler de l'investissement privé en Afrique au cours des réunions de Printemps du FMI et de la Banque Mondiale.
Mame Khary Diène, fondatrice et directrice générale de Bio essence.
Each country in sub-Saharan Africa has its own set of challenges and opportunities. And while the international community puts a lot of resources toward trying to figure out how best to keep the region’s economies growing, most Africans would say that Africa’s development lies in the hands of its own young entrepreneurs. Mame Khary Diène, is one such entrepreneur from Senegal, where she found her first business opportunity in the form of seeds from the enormous Baobab tree–Senegal's national symbol. Diène was invited to join a panel discussion about private investment in Africa during the 2018 IMF World-Bank Spring meetings, and in this podcast she says small businesses are key to creating jobs for Africa’s expanding workforce.
Mame Khary Diène is Founder and CEO of Bio essence.
The IMF's latest Regional Economic Outlook for sub-Saharan Africa devotes an entire chapter on private investment.