Panafrican News Agency

Ukrainian crisis to feature at Dakar conference on revival of the African economy

Dakar Senegal (PANA) - The Ukrainian crisis will be the focus of a side event at the 54th Conference of African Ministers of Finance, Economic Planning and Development which opened on Wednesday in Dakar.

Participants at the conference, which is being held under the theme: "Financing Africa's Recovery: Reaching New Horizons", will on Saturday discuss the impact of the Ukrainian crisis on development financing in Africa, based on the example of some countries.

The main objective of the event is to stimulate reflection and discussion on the impact the crisis will have on the sustainable development of African economies and their financing needs, using South Africa, Angola and Mozambique as examples.

Participants will seek to understand the channels through which the ripple effects of the crisis will occur.

They will also assess the expected gains and losses from the crisis and how these will vary according to the trade and economic profile of each country.

They will also estimate the effects of the crisis on fiscal space, external balances and debt sustainability, in order to determine the optimal policy responses for African countries.

The side event will provide a managed assessment of the potential effects of the crisis on Africa's sustainable development and financing needs, while highlighting the opportunities and challenges of the crisis for trade, industry and finance on the continent.

The discussions will provide an opportunity to reflect on policy options and make recommendations for African countries based on their specific situations.

Since 2020, African countries have been struggling to cope with the effects of the coronavirus pandemic and to rebuild their economies, with varying degrees of success.

The situation has become more complex to manage with the fallout from the Ukraine crisis, which has already generated gains and losses for countries around the world, depending on their specific situations.

The crisis has, for example, led to higher oil and gas prices, which will benefit oil and gas producing countries.

-0- PANA IT/JSG/BBA/MA 14May2022