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<p>Join CNBC Africa for a high-level round-table discussions on how technology should develop in Africa for Africans and the importance in crafting a path to inclusive technological advancement.</p>


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UNECA: Technology for Development in Africa: Crafting a path to inclusive technological advancement

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<p>Join CNBC Africa for the high-level round-table discussions on global financial architecture reforms to address the intersection of debt, climate and development in Africa.</p>


UNECA-COM: High-level round-table discussion on global financial architecture


<p>KEY POINTS</p>



<ul><li>In a blog post ahead of this week’s World Economic Forum, IMF Managing Director Kristalina Georgieva said the global economy faces its “biggest test since the Second World War.”</li><li>In combining the Russia-Ukraine war, the Covid-19 pandemic and the spike in volatility in financial markets and persistent threat from climate change, the IMF said the world faces a “potential confluence of calamities.”</li></ul>



<p>The International Monetary Fund has warned against “geoeconomic fragmentation” as policymakers and business leaders gather at the World Economic Forum in Davos, Switzerland.</p>



<p>In a blog post ahead of this week’s event, IMF Managing Director Kristalina Georgieva said the global economy faces its “biggest test since the Second World War,” with Russia’s invasion of Ukraine compounding the residual economic effects of Covid-19 crisis, dragging down growth and driving inflation to multi-decade highs.</p>



<p>Spiraling food and energy prices are squeezing households around the world, while central banks are tightening monetary policy to rein in inflation, exerting further pressure on indebted nations, companies and families.</p>



<p>When combined with the spike in volatility in financial markets and persistent threat from climate change, the IMF said the world faces a “potential confluence of calamities.”</p>



<p>“Yet our ability to respond is hampered by another consequence of the war in Ukraine—the sharply increased risk of geoeconomic fragmentation,” Georgieva said.</p>



<p>“Tensions over trade, technology standards, and security have been growing for many years, undermining growth—and trust in the current global economic system.”</p>



<p>She added that uncertainty around trade policies alone cut global GDP by almost 1% in 2019, according to IMF research, and the D.C.-based institution’s monitoring also indicates that around 30 countries have restricted trade in food, energy and other key commodities.</p>



<p>Georgieva warned that further disintegration would have enormous global costs, harming people across the socio-economic spectrum, and said technological fragmentation alone could lead to losses of 5% of GDP for many countries.</p>



<p>Carmine Di Sibio, global chairman and CEO of consultancy giant EY, told CNBC on Monday that the economy has “taken center stage” in discussions among big business leaders at Davos.</p>



<p>“The economy is the top conversation – inflation is a big concern and you do see some leading indicators starting to slow,” he said.</p>



<p>Although corporate deal volumes have slowed, Di Sibio said EY was still seeing signs of “pretty robust activity” and business leaders were still looking at options to transform their businesses, with pricing in the sector coming down of late amid resolute demand.</p>



<p>“The transformation that companies are going through – the transformation in terms of technology, in terms of supply chain and location of supply chain, and de-risking of supply chains – that is still going on and we do a lot around that as well,” Di Sibio said.</p>



<h3 class="wp-block-heading" id="h-solutions">Solutions</h3>



<p>In order to address the growing fragmentation, the IMF has firstly called for governments to lower trade barriers to alleviate shortages and reduce the prices of food and other commodities, while diversifying exports to improve economic resilience.</p>



<p>“Not only countries but also companies need to diversify imports—to secure supply chains and preserve the tremendous benefits to business of global integration,” Georgieva said.</p>



<p>“While geostrategic considerations will drive some sourcing decisions, this need not lead to disintegration. Business leaders have an important role to play in this regard.”</p>



<p>Secondly, the IMF urged collaborative efforts to deal with debt, as roughly 60% of low-income countries currently have significant debt vulnerabilities and will need restructuring.</p>



<p>“Without decisive cooperation to ease their burdens, both they and their creditors will be worse off, but a return to debt sustainability will draw new investment and spur inclusive growth,” Georgieva said.</p>



<p>“That is why the Group of Twenty’s Common Framework for Debt Treatment must be improved without delay.”</p>



<p>Thirdly, the IMF called for a modernization of cross-border payments, with inefficient payment systems posing a barrier to inclusive economic growth. The institution estimates that the 6.3% average cost of an international remittance payment means around $45 billion annually is diverted toward intermediaries and away from lower-income households.</p>



<p>“Countries could work together to develop a global public digital platform—a new piece of payment infrastructure with clear rules—so that everyone can send money at minimal cost and maximum speed and safety. It could also connect various forms of money, including central bank digital currencies,” Georgieva said.</p>



<p>Finally, the IMF called for an urgent closing of the “gap between ambition and policy” on climate change, arguing for a comprehensive approach to the green transition that combines carbon pricing and renewable energy investment with compensation for those adversely affected by climate change.</p>


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IMF says global economy faces ‘confluence of calamities’ in biggest test since World War II


<p>NAIROBI, May 20 (Reuters)&nbsp;&#8211;&nbsp;The International Monetary Fund has extended its support for Somalia under its Extended Credit Facility to Aug. 17, the lender said on Friday.</p>



<p>Early this month, the Somali government had asked the fund for a three-month extension in its financial support.</p>



<p>In February, the IMF warned against the risk of automatic expiry this month of the three-year budget support programme worth nearly $400 million, after delayed legislative and presidential elections jeopardised its renewal.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2US5NQ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a></p>



<p>(Reporting by Duncan Miriri; Writing by George Obulutsa; Editing by Clarence Fernandez)</p>


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IMF extends financial support for Somalia to August


<p>May 9 (Reuters)&nbsp;&#8211;&nbsp;The International Monetary Fund&#8217;s executive board on Monday approved a three-year, $456 million extended credit facility arrangement for Mozambique, with about $91 million available for immediate disbursement, the Fund said.</p>



<p>The facility is the southeast African nation&#8217;s first program since the global lender suspended support six years ago.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2VV4W0&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a></p>



<p>The IMF said the three-year arrangement will help support economic recovery and policies to reduce public debt and financing vulnerabilities, while creating space for public investments in human capital, climate adaptation and infrastructure.</p>



<p>The Fund said the program will support a reform agenda centered on establishing a sovereign wealth fund to manage the country&#8217;s liquefied natural gas wealth, mobilizing tax revenue and strengthening public finances.</p>



<p>&#8220;Mozambique has managed the COVID pandemic relatively well, maintaining macroeconomic stability and reform momentum even as the country has weathered a series of shocks, culminating with the effects of the war in Ukraine,&#8221; IMF&nbsp;Deputy&nbsp;Managing&nbsp;Director Bo Li said in a statement. &#8220;With policy space now limited, sustaining the economic recovery underway and tackling debt vulnerabilities are priorities.&#8221;</p>



<p>(Reporting by Rami Ayyub and David Lawder; Editing by Sandra Maler and Christopher Cushing)</p>


IMF board approves $456 mln program for Mozambique

Mozambique records first COVID-19 death

Africa’s most vulnerable hit by Russia’s war in Ukraine, says IMF￼

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<p>From the 23rd of August, countries will be able to take advantage of the general allocation of Special Drawing Rights valued at $650 billion , which was approved by the Board of Governors of the IMF. This is the largest SDR allocation in the history of the IMF for members to address the long-term global need for reserves. Tajudeen Ibrahim, Senior Vice President Head of Research at Chapel Hill Denham joins CNBC Africa for more.</p>


IMF $650bn Special Drawing Rights – What are the implications for Nigeria?

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<p>Measures taken to contain the pandemic and the ensuing oil price collapse  aggravated by the impact of lower oil prices and production impacted the Congolese economy in 2020 resulting to an 8.2 per cent economic contraction in 2020. Thomas Alun, IMF Representative, Congo joins CNBC Africa for more.</p>


IMF: Republic of Congo’s economic recovery remains elusive in 2021

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<p>The International Monetary Fund has maintained the 2021 forecast for Sub-Saharan Africa at 3.4 per cent, with an upgrade for South Africa following a strong positive surprise in the first quarter offset by downward revisions in other countries. The worsening pandemic developments in sub-Saharan Africa are expected to weigh on the region’s recovery. Malhar Nabar, Division Chief for World Economic Studies at the International Monetary Fund for more.</p>


IMF maintains 2021 forecast for sub-Saharan Africa

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<p>After its Article IV Consultations with Ghana, the IMF says Ghana&#8217;s economic outlook is improving, even though risks remain.</p>


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IMF: Ghana’s economy improving, but risks remain

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<p>Yesterday, the IMF issued a proposal to its board of governors to allocate $650 billion special drawing rights.</p>


IMF edges closer to allocation of special drawing rights

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<p>Last week, Sudan received approval from the International Monetary Fund for relief on more than $56 billion in debt and new IMF funding of $2.5 billion over three years. The IMF accepted the country into the Highly Indebted Poor Countries initiative based on the country&#8217;s commitment to macroeconomic reforms. Economic Analyst, Buthiana Emam joins CNBC Africa for more.</p>


Sudan: IMF approves debt relief of more than $56bn

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<p>The Covid-19 pandemic has taken a heavy toll on African economies, and now experts project that the continent risk to reverse gains achieved over the years. The private sector could play an important, but it remains challenging for the continent to mobilize private capital. Catherine Pattillo, Deputy Director of the African Department at the International Monetary Fund joins CNBC Africa for more.</p>


IMF’s Pattillo on how to attract private finance to Africa’s development

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<p>The government of Tanzania has officially applied for more than $570 million loan from the International Monetary Fund to help in tackling economic challenges of the Covid-19 pandemic. The IMF has responded with conditions before the disbursement happens. Economic Analyst, Gabriel Mwang&#8217;onda joins CNBC Africa for more.</p>


IMF puts COVID-19 related condition for Tanzania loan

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<p>The International Monetary Fund says it expects Cote d’Ivoire’s economy to grow about six per cent this year. Meanwhile, the government has issued a decree that seeks to ensure that 20 per cent of cocoa purchased by multinational companies are fulfilled by local companies. Ayalanesh Tafesse, Country Risk Analyst at Rand Merchant Bank joins CNBC Africa to explore how Cote d’Ivoire is working to recover from the Covid-19 pandemic.</p>


Assessing Cote d’Ivoire’s pandemic recovery efforts

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<p>This week Zambia&#8217;s headline inflation rose to 23.2 per cent in May, higher than projected. While Tanzania is taking on more debt as the World Bank has announced that it has approved the financing of three projects in Tanzania totalling $875 million. Ridle Markus, Africa Strategist, Absa Corporate and Investment Banking joins CNBC Africa for more.</p>


IMF

UNECA: Technology for Development in Africa: Crafting a path to inclusive technological advancement

UNECA-COM: High-level round-table discussion on global financial architecture

IMF says global economy faces ‘confluence of calamities’ in biggest test since World War II

IMF extends financial support for Somalia to August

IMF board approves $456 mln program for Mozambique

IMF board approves $456 mln program for Mozambique

Africa’s most vulnerable hit by Russia’s war in Ukraine, says IMF

IMF $650bn Special Drawing Rights – What are the implications for Nigeria?

IMF: Republic of Congo’s economic recovery remains elusive in 2021

IMF maintains 2021 forecast for sub-Saharan Africa

IMF: Ghana’s economy improving, but risks remain

IMF edges closer to allocation of special drawing rights

Sudan: IMF approves debt relief of more than $56bn

IMF’s Pattillo on how to attract private finance to Africa’s development

IMF puts COVID-19 related condition for Tanzania loan

Assessing Cote d’Ivoire’s pandemic recovery efforts

Zambia’s headline inflation rose to 23.2% in May

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UNECA: Technology for Development in Africa: Crafting a path to inclusive technological advancement

UNECA-COM: High-level round-table discussion on global financial architecture

IMF says global economy faces ‘confluence of calamities’ in biggest test since World War II

IMF extends financial support for Somalia to August

IMF board approves $456 mln program for Mozambique

IMF board approves $456 mln program for Mozambique

Africa’s most vulnerable hit by Russia’s war in Ukraine, says IMF￼

IMF $650bn Special Drawing Rights – What are the implications for Nigeria?

IMF: Republic of Congo’s economic recovery remains elusive in 2021

IMF maintains 2021 forecast for sub-Saharan Africa

IMF: Ghana’s economy improving, but risks remain

IMF edges closer to allocation of special drawing rights

Sudan: IMF approves debt relief of more than $56bn

IMF’s Pattillo on how to attract private finance to Africa’s development

IMF puts COVID-19 related condition for Tanzania loan

Assessing Cote d’Ivoire’s pandemic recovery efforts

Zambia’s headline inflation rose to 23.2% in May

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Africa’s most vulnerable hit by Russia’s war in Ukraine, says IMF