African finance ministers call for international support in tackling inflation crisis

African finance ministers have called for greater international support as the continent grapples with accelerating inflation amidst a slowing global economy due to the ongoing Russia-Ukraine conflict. During last week's Annual Meetings of the World Bank and the International Monetary Fund, finance ministers from Zimbabwe, Zambia, and South Sudan highlighted the challenges faced by their countries in dealing with inflation and food insecurity. The Zimbabwean Finance Minister pointed out that inflation was affecting his country through various channels, including fuel, food, and fertilizer. The increase in global oil prices has led to a rise in fuel prices, forcing the government to use stabilisation funds and strategic tax levies to control the impact on consumers. Food inflation has also been a major concern, with droughts in East Africa exacerbating the situation. Zimbabwe has managed food security relatively well, but high food prices have persisted, leading to the distribution of food to vulnerable populations. The ongoing conflict between Russia and Ukraine has further worsened food insecurity in African countries, bringing to light the limited fiscal space and the need for external support. The South Sudanese Finance Minister emphasized the urgent need for humanitarian assistance and concessional financing to address the growing challenges faced by the continent. Despite the difficulties, the ministers expressed optimism in finding solutions to the crisis and turning challenges into opportunities. Zambia has been advocating for debt relief, recognizing that the global food insecurity crisis presents opportunities for African countries to diversify their grain supply and attract investment. The ministers stressed the importance of collaboration and international support to overcome the current challenges and pave the way for economic recovery in Africa.