IMF / Sub-Saharan Africa Regional Economic Outlook
15 Apr 2021
WASHINGTON DC, United States
1. Long shot, IMF building Exterior with Spring Meetings signage
2. Zoom out shot, IMF building Exterior with Spring Meetings signage
3. Wide shot, Andrew Kanyegirire speaking
15 April 2021, WASHINGTON DC
4. SOUNDBITE (English) Aemro Selassie, Director of the IMF's African Department.
“The region's economy contracted by 1.9 percent in 2020, while this is somewhat less severe, about one percentage points less than we projected in October, you know, 2 percent contraction. It's still the worst outcome on record. Fortunately, the region will recover some ground this year and is projected to expand by 3.4 percent. Even so, per capita output is not expected to return to 2019 levels until after 2022.”
5. Long shot, Andrew Kanyegirire speaking
6. SOUNBITE (English) Aemro Selassie, Director of the IMF's African Department.
“As we have observed throughout the pandemic, the outlook is subject to greater than usual uncertainty. The main risk is that the region could face repeated COVID-19 episodes before vaccines become available. But there are a range of other factors, such as limited external concessional financing, political instability, domestic security or climate events that could also jeopardize the recovery.”
7. Two window, journalist speaking
8. SOUNDBITE (English) Aemro Selassie, Director of the IMF's African Department.
“The immediate recovery, of course, remains to save lives. This will require more spending to strengthen local health systems and containment efforts, as well as, of course, the vaccine rollout efforts that's needed. For most countries, the cost of vaccinating 60 percent of the population will require increasing health spending in a few cases by as much as 50 percent. The next priority is to reinforce the recovery and unlock the region's growth potential with bold and transformative reforms. These are more urgent than ever and include reforms to strengthen social protection systems, promote digitalization, improve transparency and governance, and mitigate climate change,”
9. Two window, journalist speaking
10. SOUNDBITE (English) Aemro Selassie, Director of the IMF's African Department.
“Once our executive board has taken a final decision and, you know, required steps after that, we do hope that the general allocation just approved by the IMFC will allow about 23 billion SDRs to reach 45 countries in the region. So this will be very, very beneficial for countries to, you know, create fiscal space, the balance of payments, support that they need to get vaccines for example, and partly to pay for the part of the cost of vaccines and the like.”
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9. Wide shot, IMF logo on building
10. Wide shot, IMF building exterior with virtual Spring Meetings signage
Brian WalkerMedia Relations OfficerUnited StatesBWalker@imf.org+1 (202) 623-7381+1 (202) 286-5839