IMF Chief Says Africa Exposed to Higher Food, Fuel Prices Due to Ukraine War

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo

Africa’s economic outlook is particularly vulnerable to higher food and fuel prices prompted by Russia’s invasion of Ukraine, as well as to reduced tourism revenues and diminished access to financial services.

“A recalibration of policies appears inevitable in many countries,” Georgieva said in remarks to African finance ministers and central bank governors. “At this difficult moment, the Fund stands ready to help African countries reduce the cost of any needed policy adjustments through policy advice, capacity development, and lending.”

SOURCE: Reuters – Reporting by David Lawder