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African nations agree need for economic 'transformation'

A handout photo released by the International Monetary Fund (IMF) shows IMF Managing Director Christine Lagarde (R) being greeted by Mozambique's President Armando Guebuza at the Africa Rising Conference, on May 29, 2014 in MaputoAfrican governments and the International Monetary Fund on Friday agreed on the urgent need to harness the continent’s rapid economic growth, as unrest and a plethora of challenges temper exuberance about the continent’s rise. At a major meeting in Maputo, the IMF, finance ministers and central bank governors said a deeper “structural transformation” was needed so that ordinary citizens can benefit from the boom. While sub-Saharan Africa is among the world’s fastest-growing regions, pervasive poverty and recent serious unrest in Nigeria, South Sudan, the Sahel region and possible recession in South Africa have tempered previous exuberance about “Africa’s rise.” “Policies need to be designed in such a way to ensure that a surge in growth can also spur structural transformation,” according to the Maputo Joint Declaration, agreed following the meeting.

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