{"id":6866,"date":"2022-04-25T13:33:30","date_gmt":"2022-04-25T13:33:30","guid":{"rendered":"https:\/\/www.africa-press.net\/angola\/all-news\/the-imf-and-world-bank-call-for-more-support-amidst-ukraine-crisis"},"modified":"2022-04-25T18:49:18","modified_gmt":"2022-04-25T18:49:18","slug":"the-imf-and-world-bank-call-for-more-support-amidst-ukraine-crisis","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/angola\/all-news\/the-imf-and-world-bank-call-for-more-support-amidst-ukraine-crisis","title":{"rendered":"The IMF and World Bank call for more support amidst Ukraine crisis"},"content":{"rendered":"

Africa-Press – Angola. <\/strong><\/span>\u201cWe are preparing for an ongoing response, given the multiple crises,\u201d said World Bank president David Malpass.<\/b><\/p>\n

In the coming weeks, the World Bank Group president said he \u201cplans to discuss with his board a new 15-month package worth about $170bn that will cover April 2022 to June 2023,\u201d adding that the aim is to \u201ccommit about $50bn of that amount within the next three months.\u201d<\/p>\n

This package is substantial. In 2020, the executive board approved $157bn to address the Covid-19 crisis. This time, efforts will be directed towards tackling food insecurity and the refugee crisis resulting from the war in Ukraine. As many African countries are affected by food security problems, a significant part of the aid is expected to be reserved for them.<\/p>\n

The Chances Of An Economic Recovery Are Further Diminishing.<\/b><\/p>\n

The World Bank estimates that \u201cevery percentage point increase in food prices will push 10 million people into extreme poverty.\u201d In addition, the threat of debt stress, with debt levels having reached their highest levels in 50 years (about 250% of government revenue), continues to loom over developing countries.<\/p>\n

A Worrying Debt Burden<\/b><\/p>\n

Currently, 60% of low-income countries are in \u201cdebt distress\u201d or at \u201chigh risk of debt distress.\u201d<\/p>\n

\u201cThe debt crisis will continue to worsen in 2022,\u201d said Malpass, especially in countries under severe financial stress. \u201cThe chances of an economic recovery are further diminishing\u201d, he said in his opening speech at the spring meetings, adding that \u201ceven before the Ukraine crisis, the 2022 recovery was already running out of steam due to rising inflation and persistent supply-side bottlenecks.\u201d<\/p>\n

As Adama Coulibaly, C\u00f4te d\u2019Ivoire\u2019s minister of economy and finance, said during the meetings, \u201cinterest rates have risen in response to the need to combat inflationary pressures around the world, and financial conditions have tightened, limiting access to capital markets for emerging countries and frontier markets.\u201d<\/p>\n

According to the economist, this situation calls for debt relief to be accelerated, by restructuring and rapidly implementing the G20 Common Framework. \u201cWe stress the importance of effectively restructuring countries\u2019 debt under the latter initiative, including by encouraging private-sector creditors to fully participate.\u201d<\/p>\n

As a reminder, in 2020, the Paris Club put in place a moratorium on debt-service payments for some African countries. This measure, which was extended until December 2021, did not address the problem.<\/p>\n

\u201cThe moratorium on debt servicing and the creation of the common debt resolution framework have not provided poor countries with any fiscal space,\u201d said Malpass.<\/p>\n

IMF managing director Kristalina Georgieva agreed, saying that these countries \u201cneed more aid, as they do not have enough fiscal space\u201d to face the challenges posed by the current crises.<\/p>\n

Malpass, a former US under secretary of the treasury for international affairs, called on governments and central banks to \u201cchange fiscal, monetary and financial policies that promote the concentration of wealth and income and the misallocation of capital, while fuelling inflation.\u201d<\/p>\n

He also proposed a number of policy areas to address, including the efficient allocation of capital, increasing diversified energy production, continuing efforts to ensure security and stability, and opening markets.<\/p>\n

Adapting Trade Policies<\/b><\/p>\n

In order to overcome the food crisis, the two international financial institutions insist that the countries concerned will have to adapt their trade policies, notably by easing import and export restrictions.<\/p>\n

According to Albert Zeufack, the World Bank\u2019s chief economist for Africa, \u201cwith limited budgetary leeway, policymakers must turn to innovative options such as lowering or temporarily abolishing import duties on basic foodstuffs to help their fellow citizens\u201d.<\/p>\n

According to its Africa\u2019s Pulse 2022 report, the World Bank now expects the continent to grow by 3.6%, down from the 4.1% predicted in January. The report also notes that recovery from the Covid crisis is \u201cuneven, incomplete and unevenly distributed across the region\u201d.<\/p>\n

Economic growth in East and Southern Africa is expected to drop to 3.1% in 2022 and be around 3.8% in 2023. In West and Central Africa, the World Bank projects 4.2% growth in 2022 and 4.6% in 2023.<\/p>\n

For More News And Analysis About Angola<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Angola. \u201cWe are preparing for an ongoing response, given the multiple crises,\u201d said World Bank president David Malpass. In the coming weeks, the World Bank Group president said he \u201cplans to discuss with his board a new 15-month package worth about $170bn that will cover April 2022 to June 2023,\u201d adding that the […]<\/p>\n","protected":false},"author":84,"featured_media":6865,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,337,329],"class_list":["post-6866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-angola","tag-angola"],"yoast_head":"\nThe IMF and World Bank call for more support amidst Ukraine crisis - Angola<\/title>\n<meta name=\"description\" content=\"\u201cWe are preparing for an ongoing response, given the multiple crises,\u201d said World Bank president David Malpass. ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/angola\/all-news\/the-imf-and-world-bank-call-for-more-support-amidst-ukraine-crisis\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The IMF and World Bank call for more support amidst Ukraine crisis\" \/>\n<meta property=\"og:description\" content=\"\u201cWe are preparing for an ongoing response, given the multiple crises,\u201d said World Bank president David Malpass. ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/angola\/all-news\/the-imf-and-world-bank-call-for-more-support-amidst-ukraine-crisis\" \/>\n<meta property=\"og:site_name\" content=\"Angola\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-25T13:33:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-25T18:49:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/angola\/sites\/65\/2022\/04\/img-6266ed13b01ea.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/angola\/all-news\/the-imf-and-world-bank-call-for-more-support-amidst-ukraine-crisis#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/angola\/all-news\/the-imf-and-world-bank-call-for-more-support-amidst-ukraine-crisis\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/angola\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"The IMF and World Bank call for more support amidst Ukraine crisis\",\"datePublished\":\"2022-04-25T13:33:30+00:00\",\"dateModified\":\"2022-04-25T18:49:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/angola\/all-news\/the-imf-and-world-bank-call-for-more-support-amidst-ukraine-crisis\"},\"wordCount\":672,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/angola\/all-news\/the-imf-and-world-bank-call-for-more-support-amidst-ukraine-crisis#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/angola\/sites\/65\/2022\/04\/img-6266ed13b01ea.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Angola\",\"Angola\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/angola\/all-news\/the-imf-and-world-bank-call-for-more-support-amidst-ukraine-crisis#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/angola\/all-news\/the-imf-and-world-bank-call-for-more-support-amidst-ukraine-crisis\",\"url\":\"https:\/\/www.africa-press.net\/angola\/all-news\/the-imf-and-world-bank-call-for-more-support-amidst-ukraine-crisis\",\"name\":\"The IMF and World Bank call for more support amidst Ukraine crisis - 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