IMF Projects Economic Downturn in Africa
Sub-Saharan Africa Faces Significant Funding Shortage, Warns IMF in Economic Outlook Report.
IMF Warns of Funding Shortage and Public Debt Impact on Sub-Saharan Africa’s Economic Recovery.
The International Monetary Fund (IMF) has issued a warning in its latest economic outlook report for Sub-Saharan Africa, stating that the region is facing a significant funding shortage that could impede its growth. The IMF also highlighted that public debt is further delaying the economic recovery in the region.
In an interview with Africanews, Catherine Patillo, the deputy director of the Africa Department at the IMF, emphasized the need for policymakers to maintain prudent monetary policy tightening measures.
Senegal, known for its religious celebrations, is grappling with worrisome inflation, which has surged to 9.7 percent in 2022, its highest level in decades. The inflation is largely driven by soaring food prices, putting immense pressure on Senegalese households, especially during the holiday season.
Meanwhile, Libya, a major date producer, is facing challenges in exporting its abundant harvests. Regions like Wahat and Awjila are known for producing large quantities of dates, up to 150,000 tons per year. However, poor marketing has resulted in much of the fruit being destroyed or used as animal fodder, hindering the prospects of emancipation for date producers in the country.