After more than three decades of Great Moderation which saw inflation trending down in both advanced economies (AEs) and emerging markets (EMs), inflation has surged over the last year almost everywhere (Figure 1). The recent period is also unique because of the two tail-risk events that have played out: a global pandemic and Russia’s invasion of Ukraine. It is therefore natural to ask what lessons, if any, this period offers for the conduct of monetary policy in the future. I will cap the horizon at 5 years as that seems a reasonable horizon over which to speculate about the future.

After more than three decades of Great Moderation which saw inflation trending down in both advanced economies (AEs) and emerging markets (EMs), inflation has surged over the last year almost everywhere (Figure 1). The recent period is also unique because of the two tail-risk events that have played out: a global pandemic and Russia’s invasion of Ukraine. It is therefore natural to ask what lessons, if any, this period offers for the conduct of monetary policy in the future. I will cap the horizon at 5 years as that seems a reasonable horizon over which to speculate about the future.

Country Report No. 2022/283

IMF Executive Board Completes the Combined Seventh, and Eighth Reviews of the Extended Fund Facility for Pakistan

IMF Executive Board Approves Two-Year US$18.5 Billion Flexible Credit Line for Chile

IMF Staff Concludes Visit to West Bank and Gaza

Senior African Development Bank officials recently undertook a three-day business mission to Zimbabwe. The bank’s vice president for power, energy, climate and green growth, Dr Kevin Kariuki, and its vice president for private sector, infrastructure and industrialization, Mr. Solomon Quaynor, both met with senior Zimbabwean government officials and business leaders in Harare last week.
Discussions covered developing the private sector and ways Zimbabwe could best tap its renewable energy resources.

The African Development Bank Group will play a key role in the eighth edition of the Tokyo International Conference on African Development (TICAD) taking place in the Tunisian capital, Tunis, this year as Japan—a long-time development partner of Africa—continues to lend its economic weight to the continent’s progress.
Running from 27 to 28 August, TICAD8 will bring together delegates from across the continent, including the African Development Bank Group.

The African Development Bank has provided a financial modeling training to staff of the government of Chad, helping prepare the national utility as part of Desert to Power interventions in the country.
Desert to Power is a flagship programme of the African Development Bank: it aims to light up and power the Sahel region by adding 10 GW of solar generation capacity, providing electricity to around 250 million people in 11 Sahelian countries.