Africa's central banks are walking a tightrope trying to curb inflation that is mostly out of their control and causing 'horrifying' food insecurity, the International Monetary Fund's Africa head warned.
JOHANNESBURG / LONDON -
"What worries us really is the fact that this is coming on top of all of the dislocation caused by the pandemic," the IMF's Abebe Selassie told Reuters this week. It also cut the GDP growth forecast by 0.2 percentage points to 3.6%, a significant drop from the 4.7% expansion in 2021, and has said Nigeria, Ghana, Ethiopia, Malawi, and Zimbabwe may all need to raise interest rates faster or more decisively.
Ethiopia, Zambia and Chad, meanwhile, had long been seeking to restructure their debts under the G20 Common Framework initiative established in 2020 in response to the COVID-19 pandemic. "We want to make sure that the resources we provide will go to support Chad rather than address an unsustainable debt situation," he said, referring to a three-year, US$570 million program approved in December. "The benefits of these higher oil prices should accrue as much to Chadian people as much as its creditors."
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Down East meets West Africa: CBRM holds event to welcome newcomers to Cape Breton | SaltWireSYDNEY, N.S. — A bit of Down East hospitality has meant a lot to a pair of women from West Africa who recently arrived in Cape Breton. Chizoba Umohuwa and ...
Read more »
Global stocks up after Wall St rebounds from inflation joltGlobal stock markets surged Friday after Wall Street rebounded from a slump caused by higher-than-forecast inflation numbers.
Read more »
Toronto restaurant giving away free pizza to newcomers who can't afford to buy foodIt's becoming increasingly difficult for all of us to afford food in Toronto due to inflation, but it's even harder for newcomers who have just arr...
Read more »
Oil heads for weekly decline on recession risk and China demand - BNN BloombergOil headed for a weekly loss as central banks' inflation-fighting measures risk growth and Chinese demand remains muted amid virus lockdowns.
Read more »