International Monetary Fund Managing Director Kristalina Georgieva attends The Paris Peace Forum at The Elysee Palace in Paris, France November 12, 2020. Ludovic Marin/Pool via REUTERSWASHINGTON (Reuters) - Africa needs carefully-calibrated domestic policies and stronger support from the international community to recover from the COVID-19 crisis and return to its path of stronger growth, the head of the IMF and the African Caucus said on Thursday. International Monetary Fund Managing Director Kristalina Georgieva and Domitien Ndihokubwayo, Chairman of the African Caucus, issued a joint statement after a meeting of the African Consultative Group, which includes senior representatives from 12 African countries. While oil-rich North Africa was expected to grow faster, the recovery was likely to be much slower in Sub-Saharan Africa, the IMF and African Caucus leaders said, noting that per capita incomes in many countries were not expected to return to pre-crisis levels before 2025. Ndihokubwayo told Georgieva that “substantial additional financing” would be required in order for Africa to meet its key development objectives, but no details were provided.

Source: The North Africa Journal April 02, 2021 01:15 UTC