VII. Match the words from the text with their definitions.

1) poise	a) the rate of increase of speed or the rate of change of velocity
2) sustain	b) to surge up, a rapid rise or swell
3) upsurge	c) the typical or normal amount, quality, degree, etc
4) diversify	d) to require or need as just, urgent, etc
5) destination	e) advantage or sake
6) acceleration	f) the state of being balanced or stable; equilibrium; stability
7) demand	g) the ultimate end or purpose for which something is created or a person is destined
8) benefit	h) to maintain or prolong
9) average	i) to create different forms of; variegate; vary

VIII. Fill in the gaps with words or word-combinations from the list.

a) challenges of d) windfall gains g) resource rich b) capital inflows e) current- account deficits h) supply-side response c) business environment f) benign i) direct investment

The combination of more open economies in a 1_____ external environment, together with improved and more consistent policy reforms to strengthen the 2________ and official actions to reduce debt burdens has allowed African countries to attract rising private 3________ as well as benefit from “some step-up” in aid inflows and remittances. Foreign 4_______ has been particularly strong in 5________ countries. A smaller number of countries have begun to attract interest from private 6________ - the bulk of which go to South Africa though other such as Ghana and Uganda are also enjoying rising capital inflows.

Most African countries continue to run “significant” 7_________ and, oil exporters excluded, foreign reserves remain “quite low”. As a result currency appreciation has been limited, though the 8________ managing currency inflows are “most pressing” for oil exporters.

The Fund urges African oil producers to spend oil 9__________ “in a prudent manner” ensuring that increase public spending is accompanied by measures to improve the supply-side response in the non-oil economy.

Listening

I. Listen to the recording and fill in the data on the economy of Aland and Beland.

	Aland (in $ m)	Beland (in $ m)
visible exports
visible imports
balance of trade
invisible exports
invisible imports
balance of payments
gdp
gnp