International Monetary Fund (IMF) Deputy Managing Director Min Zhu says there is a need for structural reform in order for middle income countries to upgrade from that class to the high income countries. Zhu, who was in the country this week, said in addition there is a need to create more job opportunities and also enhance public finance management and cut other unnecessary subsidies. He said there is also a need to put funding support in the region to unlock potential in the middle income countries.
Zhu said challenges facing the middle income countries that the regional conference agreed to address include weak external growth and adopting new technologies. The regional conference on Small and Middle –Income countries (SMICs) hosted in Gaborone on Friday addressed challenges that SMICs in Sub-Saharan Africa are facing and policies required confronting the challenges in order to facilitate transition to high income status. The conference was attended by the central bank officials and other government official from other countries. From Botswana, Zhu headed to Ghana to deliver a keynote address at a conference on the value of Enhanced Data for Better Macro-Policies in Africa.