WASHINGTON: Africa and the world are on a journey from a period marked by the pandemic and high inflation, to a new digital, climate-friendly economy. To get there, we must navigate high debt levels and limited policy space, and we must work together to overcome fragmentation, said Managing Director Kristalina Georgieva. Speaking at the 10th anniversary conference of the IMF’s Africa Training Institute, she said, “This journey will test IMF member countries in a new way, ways that require, more than ever, agile and flexible economic institutions.”

The IMF’s regional capacity development centers have been helping its member countries build these institutions—and the skills that are necessary to formulate and implement sound macroeconomic policies. “We have done it through demand-driven technical assistance and training to members across the region, including fragile, low-, and middle-income countries. In other words, the whole range of our members there,” Georgieva said.

The IMF’s experts provide depth of advice that helps our member countries safeguard macroeconomic and financial stability, promote regional economic integration, and steer economic transformation. This complements the Fund’s policy analysis and advice – as we call it surveillance –, and it also prepares the ground for effective use of IMF financing. “Our commitment to this work, and the geographical footprint of our centers, have never been greater. —AFP

They are based on five continents. They are seventeen uniquely positioned centers to address country-specific, regional, and global challenges through tailored capacity development,” she pointed out.

The first of IMF centers in sub-Saharan Africa recently turned 20, and the newest ones—the Africa Training Institute, or ATI, and AFRITAC West 2—turn 10 this year. Based in Mauritius, ATI provides training to officials from all sub-Saharan countries—more than 230 training courses to over 7,000 officials so far. And those officials then pass on the benefits to their colleagues—we are all in this journey together. ATI provides training in core areas such as macro-economic frameworks and forecasting, fiscal and debt sustainability, financial sector stability and development, and economic statistics.

And it has pioneered new offerings that our members need to meet new challenges, including help with gender, governance, digitalization, and climate. In fact, ATI hosts the first climate resident advisor that the Fund has placed in the field.

“We appreciate contributions from many countries: Australia, Belgium, Canada, China, France, Germany, Luxembourg, the Netherlands, Norway, Switzerland, and the United Kingdom. Institutions also provide valuable support, including the Common Market for Eastern and Southern Africa, the European Investment Bank, and the Southern African Development Community,” she said.

She said IMF’s journey is important for African nations and development partners alike. “To reach our destination of a sustainable and inclusive world economy, we need development and prosperity in Africa. I look forward to doing even more together to achieve this in the next ten years—and beyond,” she added.