{
  "title": "African Consultative Group Meeting: Statement by the Chairman of the African Caucus and the Managing Director of the IMF",
  "publication": "IMF News, April 26, 2024",
  "sourceUrl": "https://www.imf.org/en/news/articles/2024/04/26/pr24129-african-consultative-group-meeting-statement",
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  "summary": "Mr. Wale Edun, Nigeria’s Minister of Finance and Chair of the African Caucus and Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), issued the following statement at the conclusion of the African Consultative Group (ACG) meeting:",
  "publishDate": "2024-04-26",
  "sections": [
    {
      "heading": "Meeting metadata and context",
      "content": "- Press Release No. 24/129\n- Date: April 25, 2024\n- Issuers: Mr. Wale Edun (Nigeria’s Minister of Finance and Chair of the African Caucus) and Ms. Kristalina Georgieva (Managing Director of the IMF)\n- The African Consultative Group (ACG) comprises the Fund Governors of a subset of 12 African countries belonging to the African Caucus and Fund management; formed in 2007; meets at the time of the Spring Meetings. Fund Management meets with the full membership of the African Caucus at the time of the Annual Meetings."
    },
    {
      "heading": "Economic outlook and key projections",
      "content": "- Growth projections:\n  - Africa’s growth expected to reach 3.5 percent in 2024.\n  - Africa’s growth expected to reach 4 percent in 2025.\n- Near-term dynamics:\n  - Nearly two thirds of the countries on the continent are anticipating higher growth in 2024.\n  - Recovery drivers cited: modest easing in global financial conditions, recovery in private investment and consumption.\n  - Some countries have returned to international capital markets after almost a two-year hiatus."
    },
    {
      "heading": "Risks, vulnerabilities, and social impacts",
      "content": "- Growth remains too weak to secure improvements in standards of living.\n- Growing income divergence between the continent and more advanced countries post-pandemic.\n- Financing constraints:\n  - Many governments continue to grapple with financing shortages.\n  - High debt service costs reduce budgetary space for priority investment and social spending and limit ability to deal with future shocks.\n- Climate and humanitarian shocks:\n  - Ongoing climate shocks such as severe droughts and floods exacerbate food insecurity and poverty."
    },
    {
      "heading": "Policy recommendations and financing options",
      "content": "- Strengthen resilience to surmount multi-faceted challenges through:\n  - Domestic adjustment policy efforts.\n  - Structural reform agendas complemented by access to adequate and affordable financing.\n- Review of concessional facilities:\n  - ACG underlined the necessity for the upcoming review of LICs facilities to adapt to the changing global environment to continue serving vulnerable members.\n- Financing instruments and coordination:\n  - Keep all financing options on the table.\n  - Encourage coordination with the World Bank’s 21st Replenishment of the International Development Association (IDA21).\n  - Fund and partners should help the continent tap into green financing.\n- Balance in Fund instruments:\n  - The PRGT Review should achieve the right balance between short-term pressures from high demand and long-term sustainability."
    },
    {
      "heading": "Opportunities, reforms, and structural priorities",
      "content": "- Capture opportunities from:\n  - The climate transition.\n  - The digital transformation, especially the arrival of artificial intelligence.\n- Strengthening financial sector resilience is emphasized as important.\n- Resilience is necessary to deliver on climate ambitions including Nationally Determined Contributions (NDC) and the African Union’s Agenda 2063."
    },
    {
      "heading": "Institutional stance",
      "content": "- The Fund is presented as an agile institution that evolves and adapts to changing membership needs and is committed to supporting Africa’s resilience.\n\nStatement issued at the conclusion of the African Consultative Group meeting.\n\n---\n\n\n References\n\n- Nigeria and the IMF\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2024/04/26/pr24129-african-consultative-group-meeting-statement"
    }
  ],
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    "[Markdown version](/en/news/articles/2024/04/26/pr24129-african-consultative-group-meeting-statement/index.md)",
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    "Published: April 26, 2024",
    "Press Release No. 24/129",
    "Date: April 25, 2024",
    "Issuers: Mr. Wale Edun (Nigeria’s Minister of Finance and Chair of the African Caucus) and Ms. Kristalina Georgieva (Managing Director of the IMF)",
    "The African Consultative Group (ACG) comprises the Fund Governors of a subset of 12 African countries belonging to the African Caucus and Fund management; formed in 2007; meets at the time of the Spring Meetings. Fund Management meets with the full membership of the African Caucus at the time of the Annual Meetings.",
    "Growth projections:",
    "Near-term dynamics:",
    "Growth remains too weak to secure improvements in standards of living.",
    "Growing income divergence between the continent and more advanced countries post-pandemic.",
    "Financing constraints:",
    "Climate and humanitarian shocks:",
    "Strengthen resilience to surmount multi-faceted challenges through:",
    "Review of concessional facilities:",
    "Financing instruments and coordination:",
    "Balance in Fund instruments:",
    "Capture opportunities from:",
    "Strengthening financial sector resilience is emphasized as important.",
    "Resilience is necessary to deliver on climate ambitions including Nationally Determined Contributions (NDC) and the African Union’s Agenda 2063.",
    "The Fund is presented as an agile institution that evolves and adapts to changing membership needs and is committed to supporting Africa’s resilience.",
    "[Nigeria and the IMF](http://www.imf.org/external/country/NGA/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
  ],
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}