Mozambique: Stiglitz warns Mozambique about IMF advice

Nobel economics laureate Joseph Stiglitz warned in Maputo against following advice by the International Monetary Fund (IMF) that would make the fight against inflation the number one priority of economic policy. Addressing an overflowing public meeting organised by the anti-corruption NGO, the Centre for Public Integrity (CIP), Stiglitz, who is also a former chief economist at he World Bank, said he had been 'appalled' to discover that the IMF wants to impose 'inflation targeting' on Mozambique. He argued that, while low inflation might be desirable (and he praised the Bank of Mozambique for its handling of inflation, currently at historically low levels), it could not be the main goal of economic policy, which should also take into account such considerations as growth and employment.