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IMF Chief Says Ukraine War Threatens Africa in Food, Fuel Prices

  • Continent also vulnerable on tourism revenue, capital markets
  • Crisis theatens to undo some progress on Covid-19 recovery
Kristalina Georgieva
Kristalina GeorgievaPhotographer: Emily Macinnes/Bloomberg

The International Monetary Fund’s chief warned that the war in Ukraine threatens to undo Africa’s progress in recovering from the damage of the Covid-19 pandemic and presents new challenges for the continent.

Africa is particularly vulnerable to the impact of the war through four main channels -- increased food prices, higher fuel costs, lower tourism revenues, and potentially more difficult access to international capital markets, IMF Managing Director Kristalina Georgieva said.