Africa is particularly vulnerable to impacts from the war between Russia and Ukraine, the International Monetary Fund (IMF) Managing Director Kristalina Georgieva said Thursday.
She said the vulnerability comes in four areas — increased food prices, higher fuel prices, lower tourism revenues, and more difficulty accessing international capital markets.
“The war in Ukraine 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,” Georgieva said in a statement.
“Just 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,” she added.
Georgieva also called on the international community and policymakers to come together, and noted the strong interest of African policymakers in policy responses.
The IMF on Wednesday approved $1.4 billion in emergency funding for Ukraine amid the ongoing war with Russia. This figure is equivalent to 50% of Ukraine’s quota in the IMF and will provide critical support in the short term.