BB40 Genesis Maly.Pf

    Interim Management Statement
                                                       
                                                       
GENESIS EMERGING MARKETS FUND LIMITED (the "Company")

Interim Management Statement - 1 January 2008 to 19 May 2008 (unaudited)

19th May 2008

This  statement has been prepared to provide additional information to Shareholders  
as  a body  to  meet  the relevant requirements of the UK Listing Authority's Disclosure 
and Transparency Rules. It should not be relied upon by any party for any purpose other than 
as stated above.

Genesis  Emerging Markets Fund Limited was incorporated with limited liability in 
Guernsey under the Companies Laws  on  19  September 1989 with registered number 20790 
as a closed-ended investment company which  has  the ability to issue additional shares. 
The Fund's shares are listed on the London Stock Exchange.

Investment Objective

The  investment  objective  of  the Company is to provide shareholders with a  
broadly  diversified  means  of investing  in developing countries and immature stock markets, 
and thus to provide access to superior  returns offered by high rates of economic and 
corporate growth, whilst limiting individual country risk.

The  Company  has  appointed Genesis Asset Managers, LLP to act as Investment Manager with responsibility  for providing
 advice on the Company's investment portfolio, in accordance 
with the Company's investment objective and policy, subject to the overall supervision 
of the directors.

Performance Summary

Stock markets in developing countries began the year in a volatile manner, 
primarily due to the turmoil in the world's credit markets and the 
Fund's Net Asset Value per Share reflected this environment. Starting the year 
at US$79.57, the Net Asset Value (NAV) fell sharply to US$73.67 at the end of January 
before rising again. At 13 May 2008, NAV per share was US$79.72, representing a 0.2% rise 
since the start of the year.

Market Update

At the beginning of April, the IMF published its latest World Economic Outlook, 
in which it forecast world economic growth to slow to 3.7% in 2008 and 2009, 
1.25% lower than in 2007 and 0.5% lower than it expected in January this year. 
The downturn will be led by problems in the US housing market and be transmitted to 
the trading partners of the US, it said.

Our observations in the developing world have certainly identified pockets of slower activity, 
in sectors with a dominantly US customer base (such as Indian software) and in those that are particularly interest-rate
sensitive in countries that have experienced sharp rate hikes 
(such as retailers in South Africa).

However, many companies we meet describe strong demand conditions with no sign of slowing. 
Recent first quarter results from Samsung Electronics and TSMC, amongst the most 
global of emerging market companies, were strong and Coca-Cola described strong first quarter international growth and
said it had also seen "no evidence of the US slowdown having any impact 
on demand in Latin America" although the company admitted that was "a risk going forward".

In addition, we would expect emerging market companies, like the Indian software sector, 
to gain market share in a weaker global demand environment, being generally low-cost competitors. Domestically-oriented
companies in some countries will experience some cyclical slowdown, 
for example banks in India will likely see some slowing in credit demand as the economy cools 
from its recent 9% growth rate.

As highlighted in the interim statement to December 2007, we expect consumers to continue 
to face headwinds ranging from soaring food and energy prices to higher interest rates and 
ighter lending standards. Nevertheless, the overall outlook for Emerging Market companies 
remains positive.


For further information contact:

HSBC Securities Services (Guernsey) Limited
as Company Secretary

Miss Alison Bilham
Direct Tel: +44 (0) 1481 707213
Fax: +44 (0) 1481 726275
Email: alison.bilham@gg.hsbc.com


END

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