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Lagarde urges developing countries to shore up their defenses

12-21-2011 15:08 BJT

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In this handout image provided by the International Monetary Fund (IMF), talks with Nigerian Central Bank Governor Sanusi Lamido Sanusi (L) during a joint press conference December 20, 2011 in Lagos, Nigeria.

Lagarde is on her first trip to Africa as the Managing Director and will also visit Niger. International Monetary Fund chief, Christine Lagarde is urging developing countries to shore up their defenses, especially foreign exchange reserves, against a possible European recession next year.

Lagarde said: "What we see very clearly is channels of contagion between those advanced economies and the rest of the world and when we look at the forecast for the emerging markets or for the developing countries, the same phenomenon can be observed. Growth is slowing down. Capital that flew towards those countries are flying out of those countries. The volume of remittance that was coming back to the home countries from the host countries where people are doing business or having a salary is reducing."

International Monetary Fund's Managing Director Christine Lagarde addresses a
roundtable discussion in Lagos, December 20, 2011.

In this handout image provided by the International Monetary Fund (IMF),
International Monetary Fund's Managing Director Christine Lagarde (C) sits between
Nigerian Central Bank Governor Sanusi Lamido Sanusi (L) and Nigeria's Finance
Minister Ngozi Okonjo-Iweala during a joint press conference December 20, 2011 in
Lagos, Nigeria. Lagarde is on her first trip to Africa as the Managing Director and
will also visit Niger.

In this handout image provided by the International Monetary Fund (IMF),
International Monetary Fund's Managing Director Christine Lagarde (C) sits between
Nigerian Central Bank Governor Sanusi Lamido Sanusi (L) and Nigeria's Finance
Minister Ngozi Okonjo-Iweala during a joint press conference December 20, 2011 in
Lagos, Nigeria. Lagarde is on her first trip to Africa as the Managing Director and
will also visit Niger.

International Monetary Fund Managing Director Christine Lagarde, second from right,
greets unidentified Nigerian business executives ahead of a roundtable meeting in
Lagos, Nigeria, Tuesday, Dec 20, 2011.

International Monetary Fund director Christine Lagarde (L) speaks with Nigeria's
Minister of Finance Ngozi Okonjo-Iweala during a conference on "Africa's Future:
Responding to Today's Global Economic challenges" in Lagos December 20, 2011.

 

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