Before 2008, economic policy paralysis had largely prevailed in Côte d'Ivoire since an attempted coup and civil war in 2002. A default on commercial debt (mostly Brady bonds) in 2000 had not been cured, an International Monetary Fund (IMF) loan programme signed in 2002 had lapsed in 2005 without being replaced, and the country was running arrears to the Paris Club of bilateral creditor governments.
Abraao Gourgel was parachuted into the job of governor of Angola's central bank in April 2009 at a difficult time. The country's currency, the kwanza, had suffered a sharp devaluation on account of plummeting oil prices and the global economic downturn, which was having an adverse impact on foreign direct investment.
Strong nerves and creative strategies have characterised the best-performing finance ministers over the past 12 months. Here The Banker recognises those whose will and skill have proved outstanding at tackling the immediate effects of the slump while positioning their countries for future growth.
Hard times: Dubai World, developer of Atlantis Hotel and The Palm, is struggling with its debtsAbu Dhabi, Dubai's oil-rich neighbour in the United Arab Emirates, is to bail out the emirate with $10bn to enable it to meet its immediate debt obligations and allow the payment of a $4.1bn sukuk bond related to Dubai World's real estate subsidiary, Nakheel. Dubai's government said that the remaining capital would be used to pay interest, contractors, suppliers and operating costs until the company reaches agreement with its creditors on the remaining portion of Dubai World's $26bn debt. Abu Dhabi has contributed more than $25bn in capital injections to Dubai this year.