The IMF’s campaign encouraging governments to broaden fiscal support to prop up recoveries does not seem to extend far and wide. While the Fund appears to be backing a pause in Kenya’s fiscal consolidation plans this year, the IMF has not offered similar endorsements to South Africa. To the contrary, its government was urged to rein in debt – a key reason why we think the economic recovery will be weak. Meanwhile in Nigeria, there is probably more, not less, deficit monetisation on the horizon.
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