Connecting Africa’s Skilled Professionals
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A round-up of recent careers, business and other news from the UK, Africa and around the world.
Londoner Lukas Hamilton, currently studying English Literature, History and Drama has been selected by Project Trust to go to Ghana to teach English, Maths and Science at a secondary school level. Participating in this year will allow him to: Make a positive impact on a community; Gain experience in a career that I plan to pursue; and join a global community by immersing myself in a completely new culture. Project Trust is an educational charity that has been running since 1967. They select school leavers and send them overseas for twelve month teaching and social care volenteering projects, for which they get training. To support Lukas to continue Project Trust's work in Ghana, he needs to raise £6000 through fundraising and appeals.See more at:https://www.facebook.com/Get-Lukas-to-Ghana-459668250905943/?fref=ts or donate at: http://uk.virginmoneygiving.com/LukasHamilton
An analysis of 32,000 university graduates working in the UK has revealed employers are paying a premium of up to 30 per cent to foreign graduates. The analysis, by crowd-sourcing data firm Emolument, confirmed that for jobs with the highest proportions of foreign graduates, such as finance (28 per cent), compliance (20 per cent), IT (17 per cent) and data analysis (18 per cent), employers are prepared to pay more to attract skilled talent from abroad. The data showed that in the finance sector median compensation (salary plus bonus) for graduates from British institutions who have worked for a firm for up to four years was50,000 a year. In comparison graduates from foreign universities, who make up almost a third of graduate employees in the sector, collected £65,000 a year, which is equal to a 30 per cent premium. Higher pay premiums were found in other sectors where skills are in demand. For example, British university graduates working in data analysis and data science were paid an average of £30,000 a year compared with £40,000 for foreign graduates in the same sector, representing a 30 per cent top up on pay. Foreign graduates can also command higher rewards for their qualification in IT and software development, and compliance work where the difference between people with degrees from British universities and overseas awarding bodies is 18 per cent and 11 per cent respectively. Interestingly, sectors with the lowest proportions of graduates from foreign universities also showed evidence of pay premiums. In the media industry, where foreign qualified workers account for 9 per cent of graduate employees, British graduates earned £27,000, while their overseas qualified peers picked up £30,000 - a pay different of 11 per cent. Data for jobs in architecture and real estate also revealed a pay premium of 9 per cent for foreign graduates. Although in education, where teachers are in demand, and foreign grads account for 5 per cent of workers with degrees, people who studied at universities abroad were paid 2 per cent less.
Businesses with a poor employer brand are being forced to offer prospective employees larger-than-anticipated pay packets to persuade them to sign up, according to new US research. A nationally representative sample of more than 1,000 full-time professionals suggests that a company of 10,000 employees could be spending as much as $7.6 million (£.3 million) in additional wages to compensate for its poor reputation, says LinkedIn, whose research was reported in the Harvard Business Review. A minimum 10 per cent pay increase was necessary to convince a candidate to take on a job at a company with a poor employer brand-translating to roughly $4,723 or £,297 per hire. The research suggests that the three factors that contribute most to poor reputation are below-average leadership, dysfunctional teams and concerns over job security. Almost half of those surveyed said they would entirely rule out working for a company that showed these factors. Businesses that have a misunderstood or outdated employer brand could also be missing out on opportunities to attract the next generation of talent, but resolving a poor employer brand is a more cost-effective solution to this issue than pouring money into the hiring process, said one expert.
One in four millennials would quit their job to join a new organisation or do something else during the next year if the opportunity arose, according to the latest Deloitte millennial survey. Worryingly for employers, when the researchers extended the time frame for this question by two years and 44 per cent said they would quit and two out of three said they'd be open to doing something else by the end of 2020. Only 16 per cent millennials saw themselves with their current employer ten years from now. However, retaining this demographic of employees may be tricky as although pay remains a top priority for millennials, work-life balance, integrity, and career development are all important factors too. These were findings from a survey of nearly 7,700 millennials from 29 countries during September and October last year. However, there are opportunities for employers to combat this brain drain. While salary and financial benefits are the top factor for millennials, once this is stripped out work-life balance and opportunities to progress and take leadership roles stands out. The report found that having a mentor was "incredibly powerful" in achieving this. Nearly two-thirds (63 per cent) of millennials felt that their leadership skills are not being fully developed, suggesting this is a key area for businesses to focus on. And the majority (71 per cent) of those expecting to leave their employer in the next two years are unhappy with how their leadership skills are being developed. This is 17 per cent higher than among those intending to stay beyond 2020.The report that finds that millennials are values driven and are much more likely to refuse a project based on personal values and morality. Adding weight to this point, 87 per cent believed that "the success of a business should be measured in terms of more than just its financial performance". Only in Germany (22 per cent) and South Korea (30 per cent) do more than a fifth of millennials say business should be measured in purely financial terms.
The Wasafiri New Writing Prize rewards authors from around the world in three categories: Poetry, Fiction and Life Writing. The winners in each category will receive funding and publication in Wasafiri Magazine. Entries for Fiction and Life Writing should be no longer than 3,000 words, and Poetry submissions should comprise of no more than five poems. £300 will be awarded to the winner of each category and their work will be published in Wasafiri. The competition is open to anyone from across the world who has not published a complete book in their chosen category. Entries may come from people of any nationality and any age group. Fees for entering are as follows:£6 - one category; £10 - two categories; £ - three categories. This year's judges are: Susheila Nasta MBE, Diran Adebayo, Imtiaz Dharker and Vesna Goldsworthy. The deadline for entries is Friday 15 July 2016. More information can be accessed at the programme's website
A private education and an affluent background are still instrumental factors in getting UK employees to the top of their profession, according to a report by the Sutton Trust. The organisation, which promotes social mobility, found that while the comprehensive system educates 88 per cent of the UK population today, 74 per cent of top judges attended independent schools; and some 61 per cent of top doctors, and 51 per cent of leading print journalists were educated privately. In politics, 32 per cent of MPs were privately educated, while 34 per cent of UK educated FTSE 100 chief executives went to private school. The Leading People 2016 report, which looks at the educational backgrounds of leading figures in 10 professions: the military, medicine, politics, civil service, journalism, business, law, music, film and Nobel Prize winners, is published ahead of the launch of an all-party parliamentary group inquiry into how to improve social mobility across the country. The trust has called for greater transparency around diversity, including pay gaps associated with both gender and education, and recruitment practices. It urged employers to pay interns the national living wage after four weeks and the government to provide more support for gifted children in the state sector. The trust published the report ahead of the BRITs, the UK's annual pop music awards, after research revealed that top award-winning British actors were over twice as likely to have had a private education, compared to those in the music industry. While just 7 per cent of the general population are privately educated, 42 per cent of top BAFTA winners attended an independent school, compared to 19 per cent of BRIT award winners.
Applications for The Lichfield Prize 2016 are now open. Submissions are welcome from amateur and professional artists, at any stage of their career, working in the medium of painting, drawing, print making, sculpture, textiles, mixed media or photography. The successful applicant will be awarded a one-off grant of £500, funded by tinyCOW, and will also be provided with the opportunity to produce a solo exhibition at The Emporium Gallery. Shortlisted candidates will also benefit from the publicity of having their work displayed at The Lichfield Cathedral as part of The Lichfield Festival. The thematic focus for this year's award will be 'shadows;. Applicants are encouraged to interpret this theme creatively and to think in depth about the diverse meanings and connotations that the word 'shadows' holds. Suggestions include umbra, partial darkness, twilight, obscurity, silhouette, contour, spectral and reflected image. Submissions that are believed to breach health and safety regulations or that are believed to be inappropriate will not be considered by the judging panel. Completed application forms can be submitted to The Emporium Gallery in a manner which is most suited to the individual candidate. This could be through email, by post or in person. The application form must be completed clearly in block capital letters. Candidates may submit a total of up to three entries per annual application period. Alongside their completed entry form, the applicant must submit examples of their original artwork. These examples must be carefully labelled and packaged appropriately if applicable. Shortlisted applicants will be notified 14 June 2016. The overall winner will be announced at The Lichfield Festival Private View, 13 July 2016. Further information regarding the application process and the various terms and conditions specific to this award can be found on The Emporium Gallery website The deadline will be 31 May 2016. See the website for more details.
Researchers at the University of Exeter have found that short men and overweight women earn less. A study that examined data from 120,000 people between the ages of 40 and 70 uncovered a link between body mass index, height and earnings, with men who are shorter than the national average of 5ft9 and women who are heavier than average (11 stone) found to earn around £1,500 a year less than their counterparts. The research tallies with a study from the Wharton School at the University of Pennsylvania, which found that employers gave overweight individuals low ratings for competence, regardless of their qualifications or performance. Research from the Australian National University also found that a 6ft tall man can expect to earn 1.5 per cent more than a colleague who is two inches shorter. With the problem of obesity increasing in the UK, employers are being warned to be on guard for unconscious bias, to help avoid potential legal claims. On current estimates, more than half of the population could be obese by 2050.
The UK civil service has pledged to take action, including asking for background information on candidates during the recruitment process, to address ongoing concerns over a lack of socioeconomic diversity. In the latest stage of a 'Talent Action Plan' to boost the prospects of individuals from lower-income backgrounds in the corridors of power, the service has pledged to focus on metrics, including tracking candidates’ backgrounds during recruitment. This could include asking for details of parents' professions, home postcode at the age of 14 and whether an individual ever received free school meals. A total of 150 large employers, including Barclays, Deloitte and O2, have signed up to follow the plan in their own recruitment processes. In 2014, the Cabinet Office published the findings of a report that suggested just 4.4 per cent of successful applicants to Whitehall's flagship graduate scheme were from lower socioeconomic backgrounds, and that they perceived the programme as "intimidating". The Fast Stream selection process for graduates entering the civil service will be reformed, and at least 750 Fast Track apprenticeships each year will be included among a total of 30,000 new apprenticeships to be hired by 2020. The civil service has already committed to regionalising its selection process for candidates, and is proposing to shorten the average time taken to hire to no more than 12 weeks. It will specifically target apprenticeship opportunities at those from poorer backgrounds, increasing the use of internships and work experience as well as conducting outreach work at universities with high proportions of students from working-class backgrounds. The two-year plan also calls for each government department to have its own plan for improving socioeconomic diversity. While the proportions of people from ethnic minorities or declaring a disability are at historic highs, and women make up 54 per cent of the civil service, the representation of all these groups at senior levels is still far too low.
Private sector employers in Ireland are increasingly offering financial incentives to staff who plan to leave, as the race for talent picks up in the wake of a resurgent economy. A study from CIPD Ireland and Industrial Relations News found that more than two thirds (68 per cent) of businesses in the IT and software sectors have made a counter-offer in the last 12 months, compared to 55 per cent of financial services firms, 53 per cent in food and drink and 37 per cent of all businesses. Large companies were the most likely to use counter-offers. The findings suggest an increasingly buoyant market for skilled workers in Ireland, particularly in the tech sector, which employs more than 37,000 people and generates £35bn per year. Facebook, Twitter and LinkedIn are among more than 200 major IT-related businesses with regional headquarters in Dublin. Half of the survey's respondents are planning to give their entire workforce basic pay rises averaging 2.7 per cent this year, while a further 36 per cent will target increases at specific groups or individuals. Irish GDP increased by 7.8 per cent in 2015, the highest rate in the Eurozone and above even the most optimistic official projections. A pay survey from Morgan McKinley, released in January, found that the use of interim IT contracts in 2015 outpaced even the significant growth of 2013-14, with the financial services sector poised for particular growth in 2016.
Women who become mothers before the age of 33 earn 15 per cent less than their female colleagues without children, according to a survey from the UK Trades Union Congress (TUC). The TUC's findings come from a birth cohort study of 17,000 people, and suggest that women who have children young are more likely to be in part-time work and earn less on average, even allowing for levels of education and job role. Older mothers earn an average of 12 per cent more than colleagues without children. In the study a fifth of female respondents under the age of 25 who have children said they were dismissed or effectively forced out of their jobs because of pregnancy or maternity leave. This compares to one in 10 mothers of all ages. Pregnancy discrimination has become an increasingly important topic since recent government research suggested that 54,000 women were forced out of their jobs because of pregnancy in 2015, double the numbers of a decade earlier. An EHRC report that was expected to delve further into these figures, and the reasons behind them, has been delayed several times, leading to criticism from opposition politicians. Meanwhile, a separate study - PwC's Women in Work Index - suggests that the UK is missing out on up to £170bn in economic benefit (equivalent to 9 per cent of GDP) by not having enough women in employment. This is despite the UK rising five places to sixteenth in the index, which measures levels of female employment and the size of the gender pay gap in 33 countries.
The global war for talent could be about to get a lot harder for British employers, according to research from Manpower, as a vote to leave the EU would restrict the UK's access to foreign workers. According to the latest employment figures from the Office for National Statistics, of the 521,000 jobs created in the last year, 215,000 were filled by non-UK nationals from the EU. As hiring intentions among Britain's employers are at their strongest level since 2007 - up 7 per cent on the previous quarter - Manpower's research suggests that employers' reliance on foreign workers to plug vital skills gaps will only increase as UK organisations continue to compete on the international stage. James Hick, a director at Manpower, said employers relied heavily on the free movement of talent inside Europe, and warned that the UK economy would suffer if that access was restricted.
Poet and novelist Fiston Mwanza Mujila was on Saturday, 19th March 2016 announced as the winner of the 2015 Etisalat Prize for Literature for his first novel, Tram 83. Originally written in French, Tram 83 was translated into English by Roland Glasser and published by Deep Vellum. 35-year-old Mujila is the first Francophone writer to win the prestigious Etisalat Prize, the first ever pan-African prize that celebrates debut fiction books by African authors. Mujila was presented with a £15,000 cheque, an engraved Montblanc Meisterstuck and an Iphone 6S. Born in Lubumbashi, Democratic Republic of Congo, in 1981, Mujila studied Literature and Human Sciences at Lubumbashi University. He now lives in Graz, Austria and is pursuing a PhD in Romance Languages. He has won many accolades for his writing, including the Gold Medal at the 6th Jeux de la Francophone in Beirut as well as the Best Text for Theater (State Theater, Mainz) in 2010. His writings are a response to the socio-political turbulence of post-independence Congo. Tram 83 is the first novel by a DR Congo writer to be translated into English in over two decades. The novel centres around Lucien, an idealistic writer sucked into the dystopian world of his friend, Requiem, a gangster who reigns supreme in the outrageous, extravagant and glamorously debauched nightlife of a secessionist City-State. The Tram 83 of the title is a nightclub that forms the heart of the crumbling city, in which Requiem and a cast of colourful characters feast.
The use of mobile phones for money transactions has grown to around 14 per cent according to a study conducted at the end of 2015. According to US-based global research consultancy Intermedia, the country has registered impressive growth in this sector since 2009. According to a 2015 FinScope study, 11 per cent of Zambian adults own mobile money accounts with about 1.1 million adults using it for either sending or receiving money, buying airtime or paying bills. The company conducted primary qualitative research in 2015 to complement the nationally representative findings of the Finscope Zambia. Intermedia director of research Colleen Learch said Zambians' usage of mobile money has grown to around 14 per cent as of 2015, registering impressive growth since 2009. They added that the growth in mobile money usage among Zambians offers significant opportunities to the banking sector and other financial sector players to exploit and tap into new markets. As a comparison to 2009 when the survey was first conducted, the 2015 study further revealed that more financial inclusion happened in rural areas, from 42 to 70.3 per cent, compared with urban areas from 34.4 to 50.1 per cent in 2009 and 2015 respectively. More females were financially included from 33.9 to 57.4 per cent compared with males from 40.8 to 57.4 per cent. According to Intermedia, a growing number of Zambians are no longer carrying cash, a factor that has caused a spike in increased usage of the mobile money platform.
The amount of money transacted through mobile money payments or mobile banking grew by Sh8.5 trillion in the year 2015, demonstrating that the platform is now the fastest growing means of payments. According to Bank of Uganda (BoU), the amount of money transacted through mobile money in the year ended December 2015 was Sh32.5 trillion, an increase from Shs24 trillion in the previous year. As at December 2015, there were 21.1 million registered customers on mobile money, an increase from 18.8 million registered customers in December 2014. Computed statistics at BoU show that in 2014, the average monthly number of transactions in the last quarter was 46 million, worth Shs2.1 trillion. The Central Bank said mobile money therefore has a high potential to foster financial inclusion in Uganda. Growth in mobile money has surpassed that of the traditional banks in terms account holders. The growth in mobile money is a combination of both technological innovation and an explosion in the number of access to mobile phones in Uganda.
Rwandan financial exclusion has dropped by 17 percentage points from 28.1% in 2012 to 11% in 2015/16, however the percentage of banked adults increased from 23% in 2012 to 26% in 2015. According to findings in the latest FinScope survey, this slight increase was mainly due to new banking channels entering the market resulting in increased outreach of existing banks. The target is 90% financial inclusion by 2020, according to Prime Minister Murekezi. The FinScope survey is a yardstick that provides a holistic understanding of how individuals manage their financial lives. It identifies the factors that drive financial behavior and those that prevent individuals from using financial products and services. The first FinScope survey in Rwanda took place in 2008 and 2012 largely driven by demand for credible information to guide policy interventions and financial service providers in their efforts to expand the reach and depth of the Rwandan financial system. The survey also indicates that the total banking network increased from 1,282 (branches, outlets and banking agents) in 2012 to 3,085 in 2015.The percentage of adults, who are formally served, increased from 19% in 2012 to 42% in 2015. This shift was mainly due to the Mobile money uptake and continued increase in the uptake of Umurenge SACCOs services.
Zimbabwe will allow foreign investors to hold up to 49% of shares in companies listed on the stock market, against the original 40% threshold, said the Governor of the Central Bank Zimbabwe, John Mangudya. The new measure is intended to stimulate investment in the Zimbabwean economy, which is currently suffering from weak growth and a devastating drought. Established in 2007 by President Mugabe to correct the inequalities inherited from the colonial era, the indigenization laws require that a majority of the shares in enterprises, or 51%, are held by Zimbabweans. However, the laws are considered a major obstacle to foreign investment in the country while the economy struggles to recover. The southern African country is suffering from several years of hyper-inflation, rampant unemployment, and widespread food shortages. According to World Bank forecasts, economic growth will not exceed 1.5% in 2016.
Orange and Millicom signed an agreement leading to Orange's acquisition of Millicom's operations in the DRC ("Tigo DRC"). The mobile market in the DRC is undergoing significant growth and is currently the largest mobile market in Central and West Africa after Nigeria with more than 40 million subscribers. Tigo DRC is a perfect fit for Orange given the complementarity of their operations both from a geographical and cultural standpoint. Through this deal, Orange would reinforce significantly its presence in the DRC, hence becoming one of the leading mobile operators in the country and will create positive synergies. This acquisition underlines Orange's strategy in Africa which aims at developing and maintaining leading competitive positions across its various countries of operations on the continent. The Transaction is subject to obtaining approvals from the competent authorities.
The Ivory Coast is the largest producer of cashew nuts in the world. After its 2015 campaign, the country recorded production of 702,000 tonnes of cashew, up 24% from the previous season. According to the government, which announced the news, this performance was made possible by a reform-heavy environment. The producer price of 350 francs per kilogram, against 275 CFA francs a year earlier, helped farmers achieve incomes of 119 billion CFA francs at the end of the production run against cashew production of only 80,000 tonnes a decade ago.
The BMCE Group Bank of Africa has launched the second edition of the African Entrepreneurship Award (https://AfricanEntrepreneurshipAward.com). The African Entrepreneurship Award, initiated by its President Othman Benjelloun, shows BMCE Bank of Africa's ambition to foster entrepreneurship in Africa by rewarding talents and technology beyond borders. The initiative aims to support entrepreneurs from Africa or of African origin and spur them to surpass themselves because they have talents and their ideas hold the promise of a better world. The African Entrepreneurship Award receives funding allocation amounting to $1 million every year to reward the best African entrepreneurs in three categories: Education, environment and untapped domains in Africa. Building on the success of the first edition, which gathered more than 5,000 applications from 54 countries, the African Entrepreneurship Award launches the second edition and announces the opening of the application process which spans until Saturday, May 7. This first step, which will allow gathering the most useful ideas for the region, will be followed by two more steps: Successful applicants will be asked to sell their projects with convincing presentations prior to the final selection which praises the most innovative and sustainable projects. Project nomination is carried out with the assistance of the partners of African Entrepreneurship, including entrepreneurs, academics, leaders and mentors from across the globe; they will assist the candidates throughout the contest. Through the second edition of AEA, BMCE Bank of Africa, with foothold in twenty countries in the continent, reasserts its social and responsible commitment to support young entrepreneurs in their pursuit to create jobs and make Africans' lives better.
Centurion Law Group has launched the Centurion Business Mentorship Program, a Pro Bono initiative to provide complimentary legal services to start-up companies and small and medium-sized enterprises. The program is designed to support young and innovative entrepreneurs with legal and business advice, including corporate structuring, labor and employment, and tax and customs issues. The pilot program will first be made available to businesses in Cameroon, with plans to expand it to other Centurion markets across Africa. Read about the program in full here: http://www.APO.af/8CKgN8. The program is designed for entrepreneurs who want to know how to launch a successful company and navigate the legal and business environment of African markets. Participants in the program will be provided with advice in such areas as corporate structuring, labor and employment, and tax and customs issues. Eligible applicants can download an application form from the Careers section of the Centurion website. They should send the filled application form and a cover letter detailing their interest in the program to info@centurionlawfirm.com
Global healthcare and crop science innovation company, Bayer officially announced the expansion of its operations in Zambia, after opening the doors to its local office in Lusaka today. The move signals Bayer's commitment to its growing business interest in the country. The Zambian business, will initially focus on the local agricultural sector through its Crop Science Division. In May last year Bayer and AGCO, in collaboration with other partners launched a Future Farm project in Lusaka to focus on the development of the future farm concept and agricultural training in Zambia, by training farmers in seeding, crop projection, mechanisation and food projection. Zambia's economy is expected to grow by 3.7% and has vast agricultural potential. The new Bayer regional office will be based in Lusaka.
Orange has announced the launch of the Orange brand in Egypt where it will replace the Mobinil brand. Egypt is the latest subsidiary of the Orange Group to adopt the Orange brand and is the Group's largest operation in terms of customer numbers (33.4 million customers at the end of December 2015) and contributes over 27% of its revenues for the Middle East and Africa region. Orange will leverage its extensive technical, marketing and business know-how to benefit its Egyptian operation and improve the quality of service for customers. Orange customers in Egypt can look forward to improvements in all areas of the customer experience. Orange has operations in 27 countries worldwide, and is present in 19 countries across Africa and the Middle East.
A $400m peat-fired power plant is set to be constructed in Southern Rwanda by a Turkish company,Hakan Mining and Generation Industry and Trade Inc. The 80MW power plant is under a power purchase agreement (PPA) signed by the Rwandan government. The agreement gives them the go ahead to design, finance, build, own and operate the plant using peat extracted from south Akanyaru in Gisagara District. The mega project is anticipated to open up more opportunities to the citizens of Rwanda and the Turkish company is expected to construct within 47 months and commission the power plant to enable it inject 80 MW to the national grid by end of March 2020 or face penalties for failing to deliver. They are also planning to support some sectors like agriculture through irrigation and other corporate social responsibility projects in Rwanda. Hakan is an independent power producer that is engaged in the coal import business since 1995. Rwanda is a fast growing economy with an average growth rate of 7% during the last five years. The country has macroeconomic and political stability with a conducive business environment. They have currently installed generating capacity of 185 MW and construction of Hakan’s peat fired plant is set to commence within 12 to 15 months to add on to the electricity supply deficit experienced in the country.
The value of funds transacted through mobile phones in Kenya stood at Sh2.8 trillion in 2015 over increased penetration by mobile agents. The mobile payments grew by 21 per cent in the period to December 2015 from a total value of Sh2.3 trillion a year earlier according to CBK data The number of agents increased by 20,000 from 123,703 at the end of 2014 to 143,946 in December 2015. This represents an increase from 50,000 agents five years ago serving 19 million customers. There are now over 31.6 million mobile money customers transacting in the country. This phenomenal growth saw the number of mobile transactions jump from 911 million to 1.114 billion during the period under review.
Kenya has secured a new loan from the International Monetary Fund (IMF) totalling Sh153 billion ($1.5 billion) to be utilised in the next 24 months in case of external shocks. However, the country does not have to draw the precautionary forex cash unless a major currency shock translates into a balance of payments problem. The board of the IMF has made available Sh77 billion for withdrawal. The balance can be drawn every six months when IMF reviews the extent to which Kenya adheres to the agreed programme of reforms. According to the IMF, Kenya’s economic growth is robust and the outlook is positive though it remains vulnerable to shocks. The institution noted that Kenya was in the process of reducing its government spending and would, therefore, cut the fiscal deficit by three per cent of the GDP in the next two years. The deficit is currently about nine per cent. The IMF said the country is committed to gradually reducing inflation to about five per cent from nearly seven per cent.
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