According to the International Monetary Fund, the prolonged conflict between Russia and Ukraine is having an impact on Nigeria and other African countries.
It stated that the existing split between the two European nations is the cause of rising food and fuel costs, low tourism income, and problems accessing the foreign capital market.
Ms Kristalina Georgieva, the IMF’s Managing Director, stated this after meeting with African Ministers of Finance, African Central Bank Governors, and members from the United Nations Economic Commission for Africa to address the impact of the Ukraine crisis, according to Anaedoonline.ng.
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During the discussion, they discussed how to continue Africa’s recovery, which is already falling behind other areas despite major new difficulties.
According to a statement posted on the IMF’s official website on Thursday, the war in Ukraine is destroying millions of people’s lives and badly harming the Ukrainian economy.
It was emphasized that the conflict and Russia’s extraordinary sanctions had far-reaching implications.
“They arrive at a critical juncture for Africa. This current catastrophe threatens to reverse some of that progress, just as the global economy and the continent are beginning to recover from the horrors of the COVID-19 epidemic,” the statement added.
According to Georgieva, there are serious worries about the limited domestic policy space available to solve the current challenges in a sustainable manner.
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Many governments are prioritizing redoubling efforts to advance changes that improve resilience, she noted.
She stated that the Fund, through policy guidance, capacity building, and lending, is ready to assist African nations in addressing the war’s repercussions in terms of developing and implementing reforms.
“Recent modifications to the Fund’s lending toolbox allow additional flexibility to help address funding needs,” Georgieva explained.
“I was also pleased by the ongoing strong interest from African countries in the proposed Resilience and Sustainability Trust, which we plan to have fully operational by the end of this year.”
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