IMF FOR RESILLIENT RECOVERY IN SUB-SAHARAN-AFRICA
The International Monetary Fund (IMF) Managing Director Kristalina Georgieva has urged countries in Sub-Saharan Africa to ensure that the vast global fiscal support deployed to fight COVID-19 pandemic also works to build a smatter greener and more equitable future.
Georgieva observed that Sub-Saharan Africa suffers most from climate related disasters and has a long way to go to improve quality and affordability of internet access.
In a new blog post, the IMF Managing Director and IMF African Department Director Abebe Aemro Selassie write that as the continent emerges from the COVID-19 crisis, policies to improve, empower people and withstand shocks are vital to safeguarding development.
“The fact is, investing in a more resilient future will be more cost-effective than repeated rebuilding after crises or disasters,” Georgieva said.
Perhaps first among the many lessons of 2020 is that the notion of so-called black swan events is not some remote worry.
These purportedly once-in-a-generation events are occurring with increasing frequency.
Commenting on climate related shocks IMF African Department Director Selassie said, more than any other region, Sub-Saharan Africa is vulnerable to climate related shocks because of its heavy dependence on rain-fed agriculture and limited ability to adapt to shocks.
Every year, the livelihoods of millions are threatened by climate induced disasters.
“Nowhere is that more important than in Sub-Saharan Africa. It is where the needs are greatest and also home to the world’s youngest population, creating added urgency to act now to chart a path to a more resilient recovery,” Selassie added.
The regional Economic Outlook for Sub-Saharan Africa published earlier this year highlights the lasting damage in the region from climate events.
Over the medium term, annual per capita economic growth can decline an additional 1 percentage point with each drought.
That impact is eight times worse than for an emerging market or developing economy in other parts of the world.
Create your profile
Only paid subscribers can comment on this post
Check your email
For your security, we need to re-authenticate you.
Click the link we sent to , or click here to sign in.