As a result of the ongoing conflict in Ukraine, the International Monetary Fund (IMF) has stated that African countries are exposed to rising food and fuel prices, lower tourism income, and trouble accessing the international financial market.
IMF managing director Kristalina Georgieva made the remarks following a meeting with African finance ministers, central bank governors, and representatives from the United Nations Economic Commission for Africa (UNECA) to examine the impact of the Ukraine crisis.
According to Georgieva, African countries are about to suffer the effects of increased food and gasoline prices.
“The conflict in Ukraine is wreaking havoc on the lives of millions of people and wreaking havoc on the Ukrainian economy. The battle, as well as Russia’s extraordinary sanctions, are having far-reaching implications. They arrive at a critical juncture for Africa,” Georgieva said in a statement released on Thursday.
She also said the IMF is willing to help African countries mitigate the effects of the Russia-Ukraine conflict, while emphasizing that the Fund is ready to help any African country address the repercussions of the war in terms of designing and implementing reforms through its policy advice, capacity development, and lending.