IMF Urges Africa Oil Producers to Ready for ‘Shock-Prone World’
- Budget surpluses to help protect against volatile crude prices
- Oil-reliant economies underperformed in decade through 2020
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Oil producers in sub-Saharan Africa should target fiscal surpluses to buffer themselves against large price shocks, lower their debt risks and manage the transition away from fossil fuels, according to the International Monetary Fund.
“We are in a much more shock-prone world,” Catherine Pattillo, the deputy director of the lender’s African Department, said in an interview in Washington.