Date
12 May 2023
28th April 2022, Harare (Zimbabwe) – Multiplicity of crisis leaves African citizens on brink of social unrest according the IMF’s Sub-Saharan African Regional Economic Outlook (AREO) launched today. According to the report, several crises hitting the continent is placing enormous pressure on already squeezed policy makers and forcing very unpopular policy measures that will further increase the cost of living for Africans. The Covid-19 shocks are being compounded by the Ukraine-Russia conflict leaving African economies on the brink of a food and fuel price crisis, coupled with risks to domestic resource mobilisation, and subsequently increased debt to buffer from the multiple shocks. The socioeconomic fallout from, especially the rise of food and fuel prices, is undermining of food security in the region, and raising poverty and inequality rates. Mr Ausi Kibowa from ISER-Uganda spoke of the Ukraine-Russia conflict “pushed several African countries into a liquidity crisis. Many of these countries will now need additional financial support beyond the current measures.”
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