{"id":10342,"date":"2022-10-16T17:53:34","date_gmt":"2022-10-16T17:53:34","guid":{"rendered":"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/africa-sees-most-challenging-environment-in-years-imf"},"modified":"2022-10-16T18:22:47","modified_gmt":"2022-10-16T18:22:47","slug":"africa-sees-most-challenging-environment-in-years-imf","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/africa-sees-most-challenging-environment-in-years-imf","title":{"rendered":"Africa sees \u2018most challenging\u2019 environment in years: IMF"},"content":{"rendered":"

Africa-Press – Sierra-Leone. <\/strong><\/span>Sub-Saharan Africa faces its \u201cmost challenging environment in years,\u201d with the region\u2019s pandemic recovery disrupted by surging inflation, rising interest rates and a global slowdown, the IMF said Friday.<\/p>\n

The crisis lender\u2019s assessment came days after it downgraded the region\u2019s growth prospect to 3.6 percent for 2022 \u2014 markedly lower than last year\u2019s 4.7 percent figure \u2014 as rising food and energy costs hit vulnerable groups while public debt ballooned.<\/p>\n

\u201cThe region\u2019s prospects are tied firmly to developments in the global economy,\u201d the IMF said in a regional economic outlook report, adding that many countries continue to face tough socio-political and security situations.<\/p>\n

The world has been hit by multiple shocks, with countries spending heavily to protect their economies during the coronavirus pandemic before facing supply chain snarls as they emerged from lockdowns.<\/p>\n

Prices soared further after Russia\u2019s invasion of Ukraine, prompting central banks to raise interest rates aggressively.<\/p>\n

Food and fuel prices have raised the cost of living, inflicting particular pain on sub-Saharan Africa given that a high share of income in the region goes towards food, the IMF\u2019s African department chief, Abebe Aemro Selassie, told AFP.<\/p>\n

\u201cThis has been a big source of dislocation, an extremely harmful period for the poorest and most vulnerable people and countries,\u201d he said.<\/p>\n

There are 123 million people facing acute food insecurity in the region, the IMF report said, stressing the need to ensure that scarce resources go to the most needy.<\/p>\n

The fund also called for better implementation of the G20 \u201ccommon framework\u201d for debt restructuring, and cautioned that debt levels have grown but rising global interest rates mean funding access will \u201clikely become much less forgiving.\u201d<\/p>\n

And as the region endures its third year of crisis, policymakers have limited space to confront the latest challenges.<\/p>\n

Fiscal positions have worsened during the pandemic and regional public debt climbed to about 60 percent of GDP, said the IMF.<\/p>\n

Meanwhile, about 40 percent of the region\u2019s economies now see double-digit inflation, the report added.<\/p>\n

\u201cWe risk… countries devoting from the limited resources they have, more and more of that share addressing unsustainable debt,\u201d said Selassie.<\/p>\n

But he cautioned that institutions like the IMF and World Bank cannot support countries when their debt is unsustainable, given that resources provided \u201cwould go towards addressing the debt rather than creating fiscal space.\u201d<\/p>\n

\u201cThis is why speed is of the essence, to make sure that there is an orderly process… so we can come in and provide financing,\u201d Selassie said.<\/p>\n

Sub-Saharan Africa accounts for 60 percent of all people in extreme poverty, the World Bank said last week, adding that history-defying growth rates would be needed for the rest of the decade to hit poverty-reduction targets.<\/p>\n

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

Africa-Press – Sierra-Leone. Sub-Saharan Africa faces its \u201cmost challenging environment in years,\u201d with the region\u2019s pandemic recovery disrupted by surging inflation, rising interest rates and a global slowdown, the IMF said Friday. The crisis lender\u2019s assessment came days after it downgraded the region\u2019s growth prospect to 3.6 percent for 2022 \u2014 markedly lower than last […]<\/p>\n","protected":false},"author":84,"featured_media":10341,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3],"tags":[291,293,292],"class_list":["post-10342","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-community","tag-africa-press","tag-africa-press-sierra-leone","tag-sierra-leone"],"yoast_head":"\nAfrica sees \u2018most challenging\u2019 environment in years: IMF - Sierra Leone<\/title>\n<meta name=\"description\" content=\"Sub-Saharan Africa faces its \u201cmost challenging environment in years,\u201d with the region\u2019s pandemic recovery disrupted by s ...\" \/>\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\/sierra-leone\/all-news\/africa-sees-most-challenging-environment-in-years-imf\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Africa sees \u2018most challenging\u2019 environment in years: IMF\" \/>\n<meta property=\"og:description\" content=\"Sub-Saharan Africa faces its \u201cmost challenging environment in years,\u201d with the region\u2019s pandemic recovery disrupted by s ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/africa-sees-most-challenging-environment-in-years-imf\" \/>\n<meta property=\"og:site_name\" content=\"Sierra Leone\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-16T17:53:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-16T18:22:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/sierra-leone\/sites\/16\/2022\/10\/postQueueImg_12-634c4bdea85b8.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\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\/sierra-leone\/all-news\/africa-sees-most-challenging-environment-in-years-imf#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/africa-sees-most-challenging-environment-in-years-imf\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Africa sees \u2018most challenging\u2019 environment in years: IMF\",\"datePublished\":\"2022-10-16T17:53:34+00:00\",\"dateModified\":\"2022-10-16T18:22:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/africa-sees-most-challenging-environment-in-years-imf\"},\"wordCount\":468,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/africa-sees-most-challenging-environment-in-years-imf#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/sierra-leone\/sites\/16\/2022\/10\/postQueueImg_12-634c4bdea85b8.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Sierra-Leone\",\"Sierra-Leone\"],\"articleSection\":[\"all news\",\"community\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/africa-sees-most-challenging-environment-in-years-imf#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/africa-sees-most-challenging-environment-in-years-imf\",\"url\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/africa-sees-most-challenging-environment-in-years-imf\",\"name\":\"Africa sees \u2018most challenging\u2019 environment in years: IMF - 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