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Sub-Saharan Africa Economy Still Favourable – IMF

The International Monetary Fund (IMF) says economic outlook for the Sub-Saharan Africa has remained favourable and is set to register another year of solid performance. … Continue reading Sub-Saharan Africa Economy Still Favourable – IMF


Antoinnette Sayeh Talks on Sub-Saharan Africa economyThe International Monetary Fund (IMF) says economic outlook for the Sub-Saharan Africa has remained favourable and is set to register another year of solid performance.

The assessment was given by the Director for African Department at the IMF, Mrs Antoinnette Sayeh, while addressing a news conference at the ongoing World Bank-IMF Spring Meeting in Washington DC.

Mrs Sayeh believes it’s not all gloomy for the region, as she pointed out that eight oil exporting countries in the region had been hit by the drop in the price of crude oil.

She stressed the need for the countries to undertake some fiscal adjustments.

The pressure on oil prices has no doubt left leaders in the African continent with more work, as they seek ways of generating revenues from other sectors of the economy to cushion the downward prices of oil at the international market.

But in spite of these challenges, how to end poverty, insecurity and poor health has remained the major issues that the governments had continued to discuss.

The situation was focused on at the World Bank-IMF meetings that had government officials and journalist, who will relate the messages to the masses back home, in attendance.

Mrs Sayeh further proffered solutions to the global oil shock, but advised government authorities in the Sub-Saharan Africa region to focus on how to provide infrastructure for its people.

She expressed hopes that, with all of the strategies put in place, the region would experience macro-economic stability.

The IMF also pledged to offer technical and financial support to countries willing to tap from its resource.

Sub-Saharan Africa is, geographically, the area of the continent of Africa that lies south of the Sahara Desert. Politically, it consists of all African countries that are fully or partially located south of the Sahara.