{"id":160199,"date":"2022-03-11T08:21:02","date_gmt":"2022-03-11T07:21:02","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=160199"},"modified":"2022-03-11T08:24:44","modified_gmt":"2022-03-11T07:24:44","slug":"russia-ukraine-war-africa-vulnerable-to-higher-food-and-fuel-prices-imf","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/03\/11\/russia-ukraine-war-africa-vulnerable-to-higher-food-and-fuel-prices-imf\/","title":{"rendered":"Russia-Ukraine war: Africa vulnerable to higher food and fuel prices &#8211; IMF"},"content":{"rendered":"<p>The International Monetary Fund (IMF) has stated that the ongoing crisis in Ukraine threatens to undo Africa&#8217;s post-COVID-19 economic recovery.<\/p>\n<p>This was stated by\u00a0<span class=\"s2\">Kristalina Georgieva, IMF managing director after a meeting with African ministers of finance, African central bank governors, and representatives from the United Nations Economic Commission for Africa (UNECA) to discuss the impact of the crisis in Ukraine.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">Georgieva said African countries are poised to feel the pain of rising food and fuel prices.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">\u201cThe war in <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/03\/11\/russia-ukraine-war-well-see-maize-trafficking-says-olusanya\/\">Ukraine<\/a> is devastating the lives of millions of people and severely affecting the Ukrainian economy. The war and the unprecedented sanctions imposed on Russia are having far-reaching consequences. They come at a delicate time for Africa,\u201d Georgieva wrote in a statement on Thursday.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">\u201cJust as the global economy and the continent are beginning to recover from the ravages of the COVID-19 pandemic, this new crisis threatens to undo some of that progress.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">\u201cWe discussed how to sustain Africa\u2019s recovery \u2014 already lagging other regions \u2014 despite significant new obstacles.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">\u201cAfrica is particularly vulnerable to impacts from the Ukraine war through four main channels \u2014 increased food prices, higher fuel prices, lower tourism revenues, and potentially more difficulty accessing international capital markets.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">Georgieva said she was encouraged by the strong interest from African policymakers in continuing dialogue on policy responses.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">She said the IMF is willing to help African countries mitigate the effects of the Russia-Ukraine conflict.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">\u201cI noted, in particular, significant concerns about the limited domestic policy space to sustainably address the ongoing crises,\u201d the IMF boss said.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">\u201cRedoubling efforts to advance reforms that further promote resilience is a priority for many countries.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">\u201cAt this difficult moment, the Fund stands ready to help African countries address the repercussions of the war and to help design and implement reforms through our policy advice, capacity development, and lending.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">\u201cRecent reforms to the Fund\u2019s lending toolkit provide greater flexibility to help meet financing needs.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">\u201cI was also pleased by the ongoing strong interest from African countries in the proposed Resilience and Sustainability Trust, which we plan to have fully operational by the end of this year.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The International Monetary Fund (IMF) has stated that the ongoing crisis in Ukraine threatens to undo Africa&#8217;s post-COVID-19 economic recovery. This was stated by\u00a0Kristalina Georgieva, IMF managing director after a meeting with African ministers of finance, African central bank governors, and representatives from the United Nations Economic Commission for Africa (UNECA) to discuss the impact [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":137871,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[37],"tags":[800,32181,32182,15407,31016],"class_list":["post-160199","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world","tag-africa","tag-higher-food-prices","tag-higher-fuel-prices","tag-imf","tag-russia-ukraine-war"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Russia-Ukraine war: Africa vulnerable to higher food and fuel prices - IMF<\/title>\n<meta name=\"description\" content=\"The International Monetary Fund (IMF) has stated that the ongoing crisis in Ukraine threatens to undo Africa&#039;s post-COVID-19 economic recovery.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2022\/03\/11\/russia-ukraine-war-africa-vulnerable-to-higher-food-and-fuel-prices-imf\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Russia-Ukraine war: Africa vulnerable to higher food and fuel prices - IMF\" \/>\n<meta property=\"og:description\" content=\"The International Monetary Fund (IMF) has stated that the ongoing crisis in Ukraine threatens to undo Africa&#039;s post-COVID-19 economic recovery. 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