Declaration on the economic outlook for the region



Dakar, Senegal: Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), Senegal’s Finance and Budget Minister Abdoulaye Daouda Diallo, and Economy Minister Amadou Hott, co-hosted a meeting today hybrid with African finance ministers.[1]The Director General and ministers discussed the economic outlook and how to tackle key risks, including those posed by the pandemic, climate change, security concerns and fallout from the global economy. At the end of the meeting, Ms. Georgieva made the following statement:

“The global economy is rebounding, with our October World Economic Outlook forecasting growth of 5.9% this year and 4.9% in 2022. However, we expect sub-Saharan Africa to grow by 3%. , 7% this year and 3.8% next year, increasing – vis-à-vis advanced economies – and this in a context of growing uncertainty around new variants and financial conditions. In particular, the new variants of COVID-19 require continued vigilance and new global momentum to increase vaccine equity. Countries in the region must also continue to prioritize critical measures to overcome the current health crisis and social assistance programs for vulnerable groups.

“I was encouraged by the commitment of ministers in the region to pursue well-targeted policies consistent with the maintenance of macroeconomic stability and a strong medium-term reform agenda. These include measures to improve revenue mobilization, strengthen governance and transparency, promote entrepreneurship, address the challenges of climate change and achieve higher and more inclusive growth. Special attention is also needed to generate broader economic opportunities, including for women, youth and vulnerable groups who have been disproportionately affected by the pandemic.

“The meeting also underlined the importance of renewing efforts to deepen international cooperation, mobilize funding from the international community and address the challenges associated with fragility, insecurity and persistent economic risks. The IMF remains a full partner in these efforts, and I was especially encouraged to hear that most ministers agreed that the recent allocation of $ 650 billion in SDRs from the IMF to member countries helps them address these challenges. challenges, while noting that further efforts will be required. We have recognized the importance for African countries to have a seat at the table on the issues that concern them, to ensure that global efforts to support them are as effective as possible.

“There was also broad agreement that reducing vulnerabilities, including those associated with rising debt levels, is an important medium-term priority. In this regard, improving the functioning of the G-20 Common Framework for Debt Treatment and its timely implementation will be crucial for countries that may need debt treatment. In addition, broader actions and reforms aimed at reducing risk and building confidence would help attract investment and finance to the region at lower cost.

“Countries in the region must continue to fight the health crisis, while ensuring that policies are well targeted and consistent with maintaining macroeconomic stability.

“Finally, I would like to thank Minister Diallo and Minister Hott, who co-organized this event with me, as well as all the participants for their contributions to a fruitful exchange of views. “

Key links:

World Economic Outlook for October 2021

Regional Economic Outlook for October 2021 for Sub-Saharan Africa

Link to more information on SDRs:Special Drawing Rights (FMI.org)


[1]Director General and Minister of Finance and Budget Diallo were joined by Minister of Economy, Planning and Cooperation of Senegal Amadou Hott in Dakar and by other ministers from other African countries who joined via a web link. Also in attendance was Abebe Aemro Selassie, Director of the IMF’s Africa Department.

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