Africa “particularly vulnerable” to effects of conflict in Ukraine

“As the global economy and continent begin to recover from the ravages of the COVID-19 pandemic, this new crisis threatens to undo some progress”, IMF Managing Director Kristalina said. Georgieva, Governor of the African Central Bank and representative of the United Nations Economic Commission for Africa (UNECA) on the impact of the crisis in Ukraine, after meeting with African Finance Ministers.

In a statement, the international financial institution’s CEO cited four factors of vulnerabilities: “rising food prices, rising fuel prices, lower tourism revenues and potentially more difficult access to capital from international markets”.

“We discussed how to support Africa’s somewhat delayed recovery despite the new headwinds,” he said, adding that “the strong interest of African policy makers in continuing our dialogue on policy responses, funding of funds and Enhance capacity development”. The head of the IMF assured that “the fund is ready to help African countries defray the cost of any necessary political adjustments through policy advice, capacity development and credit”.

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