By Francis Ntow
Accra, May 15, GNA – The International Monetary Fund (IMF) has pledged firm support for Africa’s economic reforms, describing the continent as a “leading light” for the global economy.
Ms Julie Kozack, Director of the IMF’s Communications Department, made the remarks at a media briefing following the Africa Forward Summit in Nairobi, Kenya.
She said IMF Managing Director Kristalina Georgieva had engaged African leaders on economic prospects and challenges, stressing Africa’s potential to drive global innovation and growth.
“Africa as kind of a leading light for the future of the global economy and a source of innovation for the global economy, provided that reforms continue and that there is investment both in the continent and in the people of the continent,” she said.
Ms Kozack explained that prudent fiscal policies had created space for private sector growth and reduced debt burdens, noting, “these reforms represent a solid foundation on which further progress can be built.”
On food security, she said rising prices and reduced agricultural yields threatened availability, adding that the Fund was monitoring the impact of the Middle East conflict and offering policy advice.
She indicated that an update would be provided in the IMF’s July World Economic Outlook.
Ms Kozack also raised concerns about economic informality, saying large informal sectors suppressed tax revenues and excluded workers from social safety nets.
She urged policies to integrate informal workers into formal markets and highlighted the use of digital assets and cryptocurrency agencies to protect the vulnerable during economic shocks.
Ms Kozack reaffirmed the IMF’s commitment to supporting African member countries to advance reforms, strengthen fiscal positions, invest in people, and build resilient economies.
GNA
Edited by Kenneth Sackey
Reporter: Francis Ntow