Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), yesterday met with African central bank governors and African finance ministers, as well as representatives of the United Nations Economic Commission for Africa (ECA), to to discuss the effects of the crisis in Ukraine.
At the end of the meeting, Mrs. Georgieva spoke about the consequences of the conflict in the world, particularly in Africa. According to the boss of the IMF, the war in Ukraine is destroying the lives of millions of people and seriously harming the Ukrainian economy. She points out that the war and the unprecedented sanctions against Russia have far-reaching repercussions. They come at a delicate time for Africa.
“Even as the continent and the global economy begin to recover from the ravages of the Covid-19 pandemic, this new crisis threatens to erase some of the progress made. We discussed how to support the recovery of Africa, which is already lagging behind other regions, despite new and daunting pitfalls,” the statement read.
“Africa is particularly vulnerable to the repercussions of the war in Ukraine, which are likely to follow four distinct channels: rising food prices, rising fuel prices, falling tourism revenues and a potentially restricted access to international capital markets,” said Kristalina Georgieva.
At this crucial time, she says it is time for the international community and leaders to come together. As such, Ms. Georgieva is very encouraged by the strong interest shown by African leaders in the continuation of our public policy dialogue.
“In many countries, a priority is to redouble efforts to advance reforms that build resilience. At this difficult time, the IMF stands ready to help African countries deal with the effects of war, and to accompany them in the design and implementation of reforms by providing them with advice, contributing to the development of their capacities and granting them loans. The recent reforms of the IMF’s lending mechanisms allow it to respond more flexibly to the financing needs of its member countries”, informs the Managing Director of the IMF.
Furthermore, she welcomes the strong and continued interest shown by African countries in the proposed establishment of a trust fund for resilience and sustainability, which we aim to make fully operational by the end of the year. .
Adou FAYE
Source : https://www.lejecos.com/Guerre-en-Ukraine-Le-Fmi-s…