Africa’s Collective Strength Needed to Survive Ukraine Storm -IMF

African economies, already battling to recover from a Covid-induced recession, face major obstacles as they manage “spillover” effects from the war in Ukraine, IMF Managing Director Kristalina Georgieva told a media roundtable with global reporters on March 10, 2022. 

Answering questions posed by a small panel of journalists from 15 international media outlets, Georgieva noted that 12 African countries are net energy exporters while 42 are energy importers. “With the limited fiscal space they have, this is a real shock,” she said.

Georgieva concluded the roundtable by stressing the importance of a “global safety net” and regional arrangements in place to buffer economies. “We live in a more shock-prone world, and we need strength of the collective to deal with shocks to come.”