Yemisi Izuora
The Managing Director, of the International Monetary Fund (IMF), Kristalina Georgieva has emphasized the IMF’s commitment to addressing Africa’s debt crisis and promoting growth.
During a recent interview with Deutsche Welle, a German media company, she highlighted the IMF’s provision of liquidity through special drawing rights and financing during the COVID-19 pandemic, as well as support for debt restructuring in nations like Chad, Ghana, Zambia, and Ethiopia.
Georgieva announced that sub-Saharan Africa will gain another seat on the IMF’s board starting on November 1, 2024, to enhance representation.
She stressed that the IMF’s programs on the continent strive to maintain a balance between fiscal discipline on one hand and growth, job creation, and poverty reduction on the other. Georgieva also emphasized Africa’s potential, citing its youthful, talented population as a critical asset to the global economy, particularly as Europe and Asia age.
She said on November 1, the IMF, will add one more Board member from sub-Saharan Africa to its governing body and Board of directors.
“And so we’re doing that exactly because we believe that Africa deserves to be represented more fairly. We also look around to hire highly qualified African professionals. And especially women, they are fantastic in our troops.” she said.
The membership had two chairs for sub-Saharan Africa, and then they organized their countries into three new constituencies. We will announce the results of the voting when it is concluded.
“We pay very close attention to the fiscal conditions in our member states. Why? Because fiscal stability, financial stability is a prerequisite for countries to do well, but when we do that, we always look at the right balance between meeting the pressing needs of today against the budget constraints and the fiscal sustainability of a medium term.” She said.