Thursday, August 14, 2025
LBNN
  • Business
  • Markets
  • Politics
  • Crypto
  • Finance
  • Energy
  • Technology
  • Taxes
  • Creator Economy
  • Wealth Management
  • Documentaries
No Result
View All Result
LBNN

Africa must prioritise private sector to absorb shocks, says IMF

Simon Osuji by Simon Osuji
April 25, 2025
in Technology
0
Africa must prioritise private sector to absorb shocks, says IMF
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

The IMF has said growth across Sub-Saharan Africa will “ease to 3.8% in 2025 and 4.2% in 2026 overshadowed by “sudden realignments of global priorities” which have “cast a shadow on hard-won recovery”

Addressing the press during the IMF/World Bank Spring Meetings in Washington DC, Abebe Aemro Selassie, director of the Fund’s African department, said even though “growth exceeded expectations in 2024” the outlook for 2025 and 2026 is driven by difficult external conditions, weak external demand from abroad, softer commodity prices and tighter financial markets.

The Africa-specific update follows a gloomy World Economic Outlook earlier this week which projected lower global growth.

With official development assistance expected to decline further, the IMF noted that more strain will be placed on vulnerable populations in Sub-Saharan Africa.

But the report noted there has been some moderation in inflationary pressure across the region even as some countries continue to grapple with elevated price pressures, necessitating the application of tighter monetary and fiscal policies.

Importance of private sector growth

The IMF suggested that African countries pursue reforms that enhance growth, promote regional integration, and introduce fiscal frameworks that seek to lower borrowing costs and reduce high debt levels – responses that managing director Kristalina Georgieva also spelled out in an earlier briefing.

The IMF also recommended a change in direction from growth driven by public investment to one in which the private sector is the engine of growth.

Highlighting the region’s youth bulge, the IMF noted that the youth population and demographic transition will be an advantage.

The Sub-Saharan Africa region, Selassie told the press “will be the main source of labour and incremental investment and consumption demand in the decades to come.”

While acknowledging ongoing efforts in expanding social protection to help the vulnerable, Selassie noted that “more can be done in social protection.”

Responding to a question about ongoing reforms in Nigeria, he said the fund has been impressed by reforms Nigeria has implemented even as it emphasised that more can be done in ensuring transparency in the oil sector and prudent borrowing.

He also applauded the priority attention the Nigerian government is giving to the provision of accurate and transparent data stressing that “without good data you can’t make good policies.”

Source link

Related posts

Plastics Treaty talks nearing collapse as nations remain deadlocked on production – EnviroNews

Plastics Treaty talks nearing collapse as nations remain deadlocked on production – EnviroNews

August 13, 2025
AbbVie to buy CAR-T developer Capstan in deal worth up to $2.1B

AbbVie to build API plant in Illinois as it steps up US production

August 13, 2025
Previous Post

Newly renovated Palouch-Malakal road gives hope to communities, amid security concerns

Next Post

UAE boosts intellectual property protection to drive innovation, economic competitiveness: SLC official

Next Post
UAE boosts intellectual property protection to drive innovation, economic competitiveness: SLC official

UAE boosts intellectual property protection to drive innovation, economic competitiveness: SLC official

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Freewrite Alpha Review: For People Who Just Want to Get Stuff Done

Freewrite Alpha Review: For People Who Just Want to Get Stuff Done

1 year ago
Top 10 African countries with the most citizens deported from the U.S. under Biden

Top 10 African countries with the most citizens deported from the U.S. under Biden

7 months ago
AMZN Set for October Surge?

AMZN Set for October Surge?

10 months ago
HBCU band national championship to be held eve of Celebration Bowl

HBCU band national championship to be held eve of Celebration Bowl

2 years ago

POPULAR NEWS

  • Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    0 shares
    Share 0 Tweet 0
  • The world’s top 10 most valuable car brands in 2025

    0 shares
    Share 0 Tweet 0
  • Global ranking of Top 5 smartphone brands in Q3, 2024

    0 shares
    Share 0 Tweet 0
  • Top 10 African countries with the highest GDP per capita in 2025

    0 shares
    Share 0 Tweet 0
  • When Will SHIB Reach $1? Here’s What ChatGPT Says

    0 shares
    Share 0 Tweet 0
  • Privacy Policy
  • Contact

© 2023 LBNN - All rights reserved.

No Result
View All Result
  • Home
  • Business
  • Politics
  • Markets
  • Crypto
  • Economics
    • Manufacturing
    • Real Estate
    • Infrastructure
  • Finance
  • Energy
  • Creator Economy
  • Wealth Management
  • Taxes
  • Telecoms
  • Military & Defense
  • Careers
  • Technology
  • Artificial Intelligence
  • Investigative journalism
  • Art & Culture
  • Documentaries
  • Quizzes
    • Enneagram quiz
  • Newsletters
    • LBNN Newsletter
    • Divergent Capitalist

© 2023 LBNN - All rights reserved.