IMF urges Africa to seize reform moment to unlock growth and jobs

THE International Monetary Fund (IMF) has urged Sub-Saharan African countries to accelerate structural reforms and deepen regional integration to unlock growth potential and create jobs for the continent's fast-growing youth population.

- SIPHELELE DLUDLA

IMF Managing Director Kristalina Georgieva speaking on Wednesday at the opening of a new policy center ahead of the IMF and World Bank Annual Meetings next week.

(SUPPLIED)

Speaking on Wednesday at the opening of a new policy center ahead of the IMF and World Bank Annual Meetings next week, IMF Managing Director Kristalina Georgieva said that while the global economy has shown resilience in the face of multiple shocks, deep transformations in technology, geopolitics, and demographics were creating uncertainty — and opportunity — especially for emerging regions such as Africa.

“In this multi-polar world of rapid change, policymakers must do much more to capture and deliver opportunity so they can meet the aspirations of their citizens, especially young people,” Georgieva said.

Georgieva noted that Sub-Saharan Africa stood to benefit significantly from comprehensive, business-friendly reforms that improve competitiveness and productivity.

“Gains from reforms in this region can be especially large given the young and growing labour force” Georgieva said.