This means an improvement in the framework for banking activity that will address the problems of distressed banks and loan recovery. True, all this takes time to develop. The IMF is assisting African countries in these areas through policy advice and technical assistance, while collaborating with the World Bank and other relevant institutions on these issues. Achieving good governance . Foreign and domestic private investors seek, above everything else, consistency and clarity about policy.
Good governance is key here.
This entails greater transparency and accountability in the management of public resources, and a stable economic and regulatory environment. A predictable regulatory environment is also needed to attract both domestic and foreign investment. Forging a partnership with civil society . To build a consensus for reforms, African governments need to actively encourage the participation of all segments of civil society in economic policy debates, especially the intended beneficiaries, and to seek the broad support of the population for the adjustment efforts. The Asian crisis has amply demonstrated that economic development can be undermined by lack of progress toward democracy and the absence of adequate checks and balances.