Despite its challenges, the youthful population of Africa represents tremendous opportunities for the region.

The International Monetary Fund spokes, Julie Kozack, said this at the IMF Headquarters in Washington, DC, during a news conference.

“The region has been very much affected by the succession of shocks, the pandemic, the cost of living crisis, and food insecurity. In addition, the region has been affected. Of course, by tightening global financial conditions, and that has led to what we are calling the funding squeeze,” Ms Kozack explained.

The IMF official added, “All of that has happened in a situation where the region is also facing, in some countries, high debt. So, the challenges, of course, are very significant in Africa. But I would be remiss if I did not also mention the opportunities in the sense that Africa is a continent with a youthful population, which presents tremendous opportunities for the region as well.”

According to her, the world’s economies are gradually healing from a series of shocks: the pandemic, Russia’s invasion of Ukraine, the cost of living crisis, and climate change disasters.

“So we see this as a time to bring the global economy together, to bring global economic leaders together to discuss how we can come together as a global community to overcome these challenges,” Ms Kozack added. “Particularly as it affects low-income and vulnerable countries, and that we see as a major topic for the meetings.”

Commenting on the coups in some African countries, Ms Kozack said the role of the IMF was to contribute, via policy advice, capacity development and financing, to a more stable economic and social environment.

The IMF representative said this would be done by solving humanitarian challenges, social exclusion, insecurity, and lack of basic public services.

“Staying engaged in Sahel countries and similar fragile states is therefore important, and that is what we had in mind when we put together our recent strategy for fragile and conflict-affected states,” said Ms Kozack.

(NAN)