Tuesday, July 7, 2020

IMF calls on African countries to implement reform programs

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

The International Monetary Fund (IMF) said that African countries, in response to falling commodity prices, must work hard to rebalance investments and debt.

They should accelerate the process of tax collection. Africa’s rapid growth decade.

The sub-Saharan African region is expected to grow by 3.5 percent from 3.8 percent last year, the International Monetary Fund (IMF) said in a report.

“We believe that over the past two years, given the magnitude of the economic shock, it would have been more appropriate to use the state budget to try to mitigate the effects of the severe economic blow to the decline in commodity prices,” said Abebe Selassie, Africa director at the International Monetary Fund.

“Nigeria, Angola and South Africa, which are driving the growth engine in sub-Saharan Africa, have experienced problems in their growth rates.”

He said Nigeria, Africa’s largest economy, would have to raise tax revenues to reduce its domestic debt and spend on infrastructure development.

Selassie also referred to Chad and the Democratic Republic of the Congo (DRC) as countries with problems with their debt sustainability.

Read also: The African Union is working with China to deliver electricity to 600 million Africans

Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

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