(MENAFN- Kuwait News Agency (KUNA)) WASHINGTON, Oct 14 (KUNA) - The African countries and the International Monetary Fund renewed Tuesday commitment Africa's resilience and long term development.
"The African Caucus reaffirmed its commitment to safeguarding macroeconomic and financial stability while advancing policies that enhance living standards through improved access to social services, job creation, and the promotion of sustainable growth," African finance ministers and Governors of the Bretton Woods institutions and the IMF management said in joint statement following their meeting in Washington.
"Strengthening domestic resource mobilization remains a central priority, supported by governance reforms to improve public financial management, enhance fiscal transparency, and boost accountability."
They added that efforts to digitalize tax systems and broaden the tax base will help expand revenue, while measures to raise spending efficiency will ensure that public resources deliver maximum impact.
"Medium-term fiscal strategies will aim to balance consolidation with growth and create space for priority investments, complemented by structural reforms to foster private-sector development, deepen trade integration, and generate jobs. Building resilience to climate shocks is also essential, as extreme weather events are already reducing output by 1-2 percentage points annually in the most vulnerable economies."
The pointed out that the IMF recently approved reform of the Poverty Reduction and Growth Trust (PRGT) has strengthened the Fund's capacity to provide concessional lending, with new commitments projected to average SDR 5.2 billion (USD7.1 billion) per year and the granting of zero-interest loans to the poorest IMF member countries.
"The Resilience and Sustainability Trust (RST) is providing longer-term affordable financing to help countries address structural challenges, strengthen pandemic preparedness, and build climate resilience, with 26 programs approved to date-nearly half in Africa. We encourage continued efforts to ensure that the PRGT and RST are adequately resourced to meet the region's growing needs," the statement added.
Amid heightened global uncertainty, the IMF vowed to continue to adapt its lending toolkit and policy advice to support its member countries more effectively navigate evolving challenges.
"The Fund is strongly committed to its African members, working with these nations to build fiscal space for scaled up infrastructure and human capital spending, strengthen institutional capacity and resilience, and accelerate progress toward the region's legitimate development aspirations."
rsr

MENAFN14102025000071011013ID1110197229