Although an increasing number of countries in sub-Saharan Africa achieved strong growth in recent years, which increased living standards and reduced poverty, while also making economies stronger and more resilient, many challenges remained, the International Monetary Fund (IMF) said on Tuesday.
This strong economic performance and ongoing challenges would be discussed at the Africa Rising conference, to be hosted jointly by the IMF and the Mozambique government from May 29 to 30, in Maputo.
The event was intended to follow up on the 2009 Tanzania Conference, which helped galvanize international support for Africa after the 2008 financial crisis.
“Poverty remains high in many countries. For those that have been doing well, the key challenge now is to maintain high growth, while boosting job creation and accelerating structural transformation. For others, notably those that recently have emerged from conflict, the first priority remains to establish political and economic stability to provide the basis for a strong economy,” the IMF said, stating that discussions at the conference would focus on these key issues.
Other topics central to Africa’s efforts to move up the development ladder – such as fostering inclusion and job creation, harnessing natural resources wealth for the benefit of current and future generations, financing infrastructure, creating deeper and broader financial markets and overcoming fragility – would also be discussed.
IMF MD Christine Lagarde said the conference would provide a unique opportunity to address Africa’s achievements and the road ahead.
“We are looking forward to listening to all our partners in Africa. The fund has a very constructive dialogue with African policymakers that we believe has assisted the region in a reform effort that has paid off significantly. So, this event will broaden the policy discussion at this crucial juncture, bringing together all those committed to Africa’s continuing success,” she said.