HARARE – The International Monetary Fund (IMF) said the potential of the Sub-Saharan Africa region and the resourcefulness of African people remains intact and should enable recovery and development gains in the long run despite the economic crisis.
The IMF expects economic activity for sub-Saharan Africa to contract by 3% this year. However, in 2021, the IMF, sees a recovery, albeit modest, with growth accelerating to about 3.1%.
“Tapping this potential will be vital for the region to find its way back to a path of sustainable and more inclusive development,” IMF African Department Director Abebe Selassie said.
“Priority reform areas in the coming months include domestic revenue mobilization, promoting digitalization, facilitating greater trade integration, fostering competitiveness and climate change mitigation investments.”
He said: “Alongside, of course, countries need to continue to improve governance, improve transparency and facilitate better private investment conditions to engender a strong recovery”.
“None of this will be easy, but I know from my conversations with policy makers in the region in recent days that they, you know, most if not all, are committed to working diligently to tackle these reforms,” Selassie added.