Prior to the annual meeting of the International Monetary Fund (IMF) and the World Bank, IMF’s Director Kristalina Georgieva spoke with CNN about Africa’s economic recovery and future.
Georgieva proposed requirements to boost trade in Africa, including improved inter-country connectivity and the removal of both trade and non-trade barriers.
“Trade within Africa can increase by 53%, between Africa and the rest of the world by 15%, and real income per capita could grow by 10% if trade barriers are eliminated,” according to an IMF study on how the continental free trade agreement might help Africa.
She also mentioned how crucial it is for African businesses to be physically connected to the internet, which calls for government action.
The CEO of the IMF emphasized the significance of protecting social spending as well as improving social protection, health care, and education, “because educating youth is a way to increase productivity and unleash the potential for growth.”
The meeting’s focus will be on the prospects for developing economies and emerging markets, including the opportunity that “the youthful population in Africa provides for Africa and for the rest of the world,” according to the IMF managing director.
In the interview, Georgieva also spoke about the strain on low-income nations like Morocco caused by Covid’s effects and the high levels of debt.
The World Bank Group and the IMF will take into account lowering Morocco’s inflation during their annual meeting.
“Opportunities in low-income countries also slow down when the global economy weakens. Critical gatherings like this one bring the world together to discuss how to handle both the immediate issues of slow development and a fragmenting world as well as the longer-term challenges,” said Georgieva.
The International Monetary Fund (IMF) and World Bank’s annual meeting in Marrakech provides a forum for discussion of issues of global significance, such as the outlook for the global economy, the battle against poverty, and economic development.
The annual IMF-World Bank meeting gathers governors of central banks, ministers of finance and development, lawmakers, corporate sector executives, representatives from civil society organizations, and academics.