Should the IMF be more open minded about heterodox policy measures which are being implemented by many emerging market economies in Latin America and Asia, and which are attracting interest among African policymakers? 3. Is there still any value for SSA economies, which don’t face temporary BOP problems and don’t need to borrow from the IMF, in implementing IMF programs?
However, ensuring market liquidity in a deficit mode of desired level on a sustained basis is contingent on Reserve Bank’s ability to effectively conduct OMOs and the market appetite for such operations. Hence, there is a need to develop the market micro-structure and further enhance secondary market transactions in government securities to facilitate smooth conduct of OMOs.