IMF chief Georgieva to visit DR Congo, Senegal this week

International Monetary Fund chief Kristalina Georgieva will visit the Democratic Republic of Congo and Senegal this week, with a focus on how the global lender can best support Africa as it responds to the ongoing COVID-19 pandemic, an IMF official said.


Reuters | Updated: 06-12-2021 23:29 IST | Created: 06-12-2021 23:26 IST
IMF chief Georgieva to visit DR Congo, Senegal this week
File Photo Image Credit: Wikimedia

International Monetary Fund chief Kristalina Georgieva will visit the Democratic Republic of Congo and Senegal this week, with a focus on how the global lender can best support Africa as it responds to the ongoing COVID-19 pandemic, an IMF official said. Georgieva will travel on to Africa from Brussels, where she addressed a meeting of the Eurogroup.

The IMF's managing director will meet with Congolese President Felix Tshisekedi, who is completing his tenure as chair of the African Union, and incoming AU chair, the Senegalese President Macky Sall, as well as civil society groups and business leaders, the official said. The IMF in October forecast that sub-Saharan Africa's https://www.imf.org/en/Publications/REO/SSA/Issues/2021/10/21/regional-economic-outlook-for-sub-saharan-africa-october-2021 economy would expand by 3.7% in 2021 and 3.8% in 2022, a welcome reversal after a sharp contraction in 2020, but still the slowest recovery relative to other regions.

One huge ongoing source of concern is the lag in vaccination rates between advanced economies and developing countries. Only 102 million people, or 7.5% of the African continent's population, are fully vaccinated https://www.reuters.com/world/africa/covid-shots-are-finally-arriving-africa-cant-get-them-all-into-arms-2021-12-06, according to the World Health Organization, which has warned that vaccine inequity will prolong the pandemic. Climate change and using carbon credits to keep forests standing will be a big focus during Georgieva's talks with Tshisekedi, the official said.

"If we put a good surveillance system in place, the revenues from carbon can be higher than the revenues from logging," the official noted. In Senegal, Georgieva will meet with the incoming AU chair about the continent's recovery and vulnerabilities, including high levels of sovereign debt.

She is also due to meet virtually with African finance ministers while in the region.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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