Africa vulnerable to increasing food and gasoline prices due to Ukraine war, says IMF

Africa’s economic future is particularly vulnerable to the surging food and fuel prices, as a result of the war between Russia and Ukraine, as well as lower income from the tourism sector and limited access to financial services.

“Policy rebalancing appears to be unavoidable in many countries,” IMF Managing Director Kristalina Georgieva said in remarks to African finance ministers and central bank governors.

‘At this difficult juncture, the Fund is ready to assist African governments in lowering the cost of any necessary policy modifications through policy advice, capacity building, and loans,’ she added.