{"id":22427,"date":"2023-10-07T18:02:59","date_gmt":"2023-10-07T18:02:59","guid":{"rendered":"https:\/\/www.africa-press.net\/eritrea\/all-news\/africa-to-get-stronger-voice-at-imf-georgieva"},"modified":"2023-10-07T19:13:54","modified_gmt":"2023-10-07T19:13:54","slug":"africa-to-get-stronger-voice-at-imf-georgieva","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eritrea\/all-news\/africa-to-get-stronger-voice-at-imf-georgieva","title":{"rendered":"Africa to get \u2018stronger voice\u2019 at IMF: Georgieva"},"content":{"rendered":"

Africa-Press – Eritrea. <\/strong><\/span>Sub-Saharan Africa will have a \u201cstronger voice\u201d at the International Monetary Fund as it will get a third seat on the global lender\u2019s executive board, IMF chief Kristalina Georgieva told AFP\u2019s correspondent Pierre Donadieu.<\/p>\n

Georgieva delivered the news ahead of next week\u2019s IMF and World Bank meetings in Marrakesh, Morocco \u2014 the first gathering on the continent since 1973.<\/p>\n

The IMF executive board, which is chaired by Georgieva, is responsible for conducting the Washington-based institution\u2019s day-to-day business and currently has 24 directors.<\/p>\n

The United States, as the world\u2019s biggest economy, has the largest share of votes, followed by economic powers Japan, China and western Europe, ahead of other regions and developing nations.<\/p>\n

\u201cI have some good news for Africa. We are advancing a preparation to have a third representative of sub-Saharan Africa in our executive board,\u201d Georgieva told AFP in Abidjan, Ivory Coast, on Thursday. \u201cUltimately, what it will mean is (a) stronger voice for Africa,\u201d the IMF\u2019s managing director added.<\/p>\n

The World Bank has also announced that it will create a third seat for African nations on its own board, a decision to be made official at the October 9-15 meetings in Marrakesh.<\/p>\n

The IMF and World Bank will tackle the thorny issue of institutional reform in Morocco as they face growing calls to better address debt and climate change in poorer countries.<\/p>\n

\u2013 \u2018Brighter prospect\u2019 \u2013<\/p>\n

Georgieva said growth in sub-Sahara African decelerated this year to three percent. \u201cThe impact of the war (in Ukraine) was devastating, especially coming on top of Covid,\u201d she said. \u201cCountries with limited fiscal capacity were particularly severely impacted.\u201d<\/p>\n

Inflation, which soared in the wake of Russia\u2019s full-scale invasion of Ukraine, caused \u201cadditional hardship on people\u201d, Georgieva added.<\/p>\n

Moscow\u2019s invasion sent food prices soaring as both Russia and Ukraine are major exporters of agricultural goods.<\/p>\n

Georgieva praised countries \u201cfor being very prudent in dealing with inflation\u201d, which has gone down in many nations, and prioritising public spending in a way that allows them to lower deficits.<\/p>\n

\u201cWe expect some brighter prospect for sub-Saharan Africa in 2024,\u201d the Bulgarian economist and former European Commission vice president said.<\/p>\n

\u201cBut it is hard. We still see that food prices are particularly high and that translates into (a) terrible fate of 144 million people having difficulty into feeding themselves or their families,\u201d she said, and warned against measures such as price caps or subsidising fuel to help people cope with inflation as they \u201cultimately benefit rich people even more than poor people\u201d.<\/p>\n

\u201cWhat we want is countries to win the fight against inflation,\u201d Georgieva said. \u201cIt\u2019s not going to happen if we throw more money without the good fundamentals for the economy to run efficiently,\u201d she added. Instead of subsidies, she said, \u201cwhat we are strongly recommending is \u2026 to give direct support to the poorer part of population\u201d.<\/p>\n

While the IMF has continued to provide special assistance since the Covid pandemic broke out, including through zero-interest loans, she said she would ask nations and the private sector to \u201cdo more\u201d to help developing countries.<\/p>\n

\u2013 \u2018Lost decade\u2019 \u2013<\/p>\n

The World Bank warned in a report on Wednesday that sub-Saharan Africa\u2019s economic outlook \u201cremains bleak\u201d.<\/p>\n

The institution warned that the region could face \u201ca lost decade of growth\u201d, pointing to \u201crising instability\u201d, with \u201cincreased incidences of attempts to destabilise governments by unconstitutional or violent means in recent years\u201d.<\/p>\n

The Sahel region in particular has been the scene for more than a decade of a jihadist insurgency that has fuelled military takeovers in Niger, Mali and Burkina Faso. Despite the coups, Georgieva defended the IMF\u2019s decision to maintain aid to those countries due to \u201chumanitarian concerns\u201d.<\/p>\n

\u201cWe have a responsibility to make sure there is minimum financial capacity,\u201d she said. \u201cBecause the regimes are not there sufficiently for their people. It\u2019s not an excuse for us to forget about the men, women children who need us.\u201d<\/p>\n

Newsroom<\/b><\/p>\n

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

Africa-Press – Eritrea. Sub-Saharan Africa will have a \u201cstronger voice\u201d at the International Monetary Fund as it will get a third seat on the global lender\u2019s executive board, IMF chief Kristalina Georgieva told AFP\u2019s correspondent Pierre Donadieu. Georgieva delivered the news ahead of next week\u2019s IMF and World Bank meetings in Marrakesh, Morocco \u2014 the […]<\/p>\n","protected":false},"author":84,"featured_media":22426,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[242,243,233],"class_list":["post-22427","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-africa-press","tag-africa-press-eritrea","tag-eritrea"],"yoast_head":"\nAfrica to get \u2018stronger voice\u2019 at IMF: Georgieva - Eritrea<\/title>\n<meta name=\"description\" content=\"Sub-Saharan Africa will have a \u201cstronger voice\u201d at the International Monetary Fund as it will get a third seat on the gl ...\" \/>\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\/eritrea\/all-news\/africa-to-get-stronger-voice-at-imf-georgieva\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Africa to get \u2018stronger voice\u2019 at IMF: Georgieva\" \/>\n<meta property=\"og:description\" content=\"Sub-Saharan Africa will have a \u201cstronger voice\u201d at the International Monetary Fund as it will get a third seat on the gl ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/eritrea\/all-news\/africa-to-get-stronger-voice-at-imf-georgieva\" \/>\n<meta property=\"og:site_name\" content=\"Eritrea\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-07T18:02:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-07T19:13:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2023\/10\/sm_1696693196.080202.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"820\" \/>\n\t<meta property=\"og:image:height\" content=\"491\" \/>\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\/eritrea\/all-news\/africa-to-get-stronger-voice-at-imf-georgieva#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/africa-to-get-stronger-voice-at-imf-georgieva\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Africa to get \u2018stronger voice\u2019 at IMF: Georgieva\",\"datePublished\":\"2023-10-07T18:02:59+00:00\",\"dateModified\":\"2023-10-07T19:13:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/africa-to-get-stronger-voice-at-imf-georgieva\"},\"wordCount\":671,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/africa-to-get-stronger-voice-at-imf-georgieva#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2023\/10\/sm_1696693196.080202.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Eritrea\",\"Eritrea\"],\"articleSection\":[\"all news\",\"files\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/eritrea\/all-news\/africa-to-get-stronger-voice-at-imf-georgieva#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/africa-to-get-stronger-voice-at-imf-georgieva\",\"url\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/africa-to-get-stronger-voice-at-imf-georgieva\",\"name\":\"Africa to get \u2018stronger voice\u2019 at IMF: Georgieva - 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