Bangkok, Thailand – October 14, 2026: Mr. Seedy Keita, Chair of the African Caucus and Minister of Finance and Economic Affairs of The Gambia, and Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), issued the following statement after the African Caucus meeting held during the 2026 IMF–World Bank Annual Meetings in Bangkok, Thailand:
“We held a constructive discussion on the policies and partnerships needed to strengthen Africa’s resilience to multiple shocks and advance the continent’s economic transformation.
“African economies have demonstrated notable resilience in recent years. Despite the spillover from the war in the Middle East, growth in the continent is expected to hold up this year at 4.5 percent while inflation is expected to decline to 9.3 percent, albeit still elevated. While terms-of-trade gains would support resilience in the resource-rich economies, expansionary fiscal policy would help mitigate the impact of the shock on non-resource-rich economies. External buffers remain protected, on average, but debt vulnerabilities are elevated in several economies, debt-service costs are absorbing scarce resources, and declining external assistance is further constraining development spending. A tightening of global financial conditions and a severe El Niño could add to these pressures.
“Africa’s extraordinary entrepreneurial energy is where the world can find its next engine of global growth. The African Caucus reaffirmed its commitment to safeguarding the region’s hard-won macroeconomic stability, mobilizing Africa’s own resources, and accelerating job creation and broadening opportunities.
“In a shock-prone world, macroeconomic stability remains essential for sustained and inclusive growth. Higher energy prices have raised costs for households and businesses, while debt-service burdens, declining aid, and costly market financing constrain development spending and climate-resilient investment. Policymakers therefore stressed the need to contain inflation, ensure fiscal and debt sustainability, strengthen policy frameworks, and enhance governance and transparency.
“Africa’s resources must deliver more for its people. Modern, efficient, and equitable tax systems should broaden the revenue base, and strengthen compliance. More durable revenues and spending smarter can protect vulnerable households, meet development needs, and finance climate resilience. Continued international support through affordable financing and technical expertise will remain essential.
“Sound policies and strong institutions are essential for structural transformation and job creation. Job-rich growth requires a more attractive investment climate, greater development of financial markets, and deeper regional integration. Full implementation of the African Continental Free Trade Area will build larger markets, strengthen regional value chains, and enhance Africa’s global competitiveness.
“The IMF reaffirmed its steadfast commitment to supporting its African members as they strengthen resilience to an increasingly shock-prone global environment. Through tailored policy advice, capacity development, and financing where needed, the IMF will support efforts to rebuild policy buffers, protect vulnerable populations, and advance resilient, inclusive, and job-rich growth across the continent. The African Caucus welcomed the stronger voice that the third sub-Saharan Africa chair has brought to the IMF Executive Board and also called for continued strengthening of the partnership with the IMF, including through sustained progress toward greater representation in the IMF.”
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