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Reuters
Reuters
Business

IMF chief says Africa vulnerable to higher food, fuel prices due to Ukraine war

FILE PHOTO: IMF Managing Director Kristalina Georgieva speaks during a conference hosted by the Vatican on economic solidarity, at the Vatican, February 5, 2020. REUTERS/Remo Casilli/

Africa's economic outlook is particularly vulnerable to higher food and fuel prices prompted by Russia's invasion of Ukraine, as well as to reduced tourism revenues and diminished access to financial services.

"A recalibration of policies appears inevitable in many countries," Georgieva said in remarks to African finance ministers and central bank governors. "At this difficult moment, the Fund stands ready to help African countries reduce the cost of any needed policy adjustments through policy advice, capacity development, and lending."

(This story refiles to adds dropped word "to" in headline).

(Reporting by David Lawder)

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