IMF advises Africa to tap into new sources of finance

The International Monetary Fund (IMF) says Africa could tap into new sources of finance with radical transparency.
Managing Director, IMF, Ms Kristalina Georgieva made the remark during a High Level Knowledge Event of the virtual 2021 Annual Meetings of the African Development Bank (AfDB) on Wednesday.
Georgieva said that the pandemic was an opportunity for transformative reforms to improve public services, strengthen governance and boost domestic revenue mobilisation.
“Think of how digitalization can improve tax administration and revenue collection and the quality of public spending.
“With radical transparency, Africa can tap into new sources of finance, such as carbon offsets and there is room to encourage more private investment in social and physical infrastructure, “she said.
The IMF managing director recalled the membership’s backing of an unprecedented new allocation of Special Drawing Rights (SDRs) of 650 billion dollars.
According to her, once approved, hopefully by the end of August, the bank would directly and immediately make about 33 billion U. S. Dollars available to its African members…


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