IMF chief looks to strengthen ‘financial safety net’ for Africa

By Julian Pecquet
Posted on Monday, 16 January 2023 10:41

IMF managing director Kristalina Georgieva
IMF managing director Kristalina Georgieva

Protecting debt-laden African countries from painful cuts to social services is top of mind for the World Bank and International Monetary Fund heading into the new year, the IMF chief told reporters in Washington.

With climate change exacerbating the rise of poverty and hunger after three decades of progress, both institutions are rethinking their tools and priorities, IMF Managing Director Kristalina Georgieva said at a 12 January roundtable with journalists, laying out the outlook for 2023. Helping Africa get back on track will be a key focus at a meeting of African creditors next month and at the international financial institutions’ spring meetings in Washington in April.