A mix of shocks including food and fuel impact of the Russia-Ukraine war, climate change impacts, conflict, and tighter global financial conditions have increased Africa’s development financing gap and debt vulnerability. That was the consensus of experts during a one-day virtual workshop on Catalysing Access to the IMF Resilience and Sustainability Trust , organised by AfriCatalyst and the Economic Commission for Africa .
“Despite national and international efforts, an increasing number of countries on the continent continue to struggle with substantial debt burdens and servicing their debt, with some already in debt distress or at high risk of debt distress,” Mr. Elhiraika said, emphasising that this was impeding resilience-building to future shocks, which is key for sustainable development.
The guide also explores how the IMF assistance under the RST could support the design and implementation of national macroeconomic policies to integrate climate and pandemic risks as well as the cost of adaptation into their macro-fiscal frameworks.
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