(SANA) The International Monetary Fund warned on Monday that conflict and instability in the Middle East could have wider economic repercussions for African countries, particularly through disruptions to energy supplies and rising costs.
Zeine Zeidane, Director of the IMF‘s African Department, said the region was facing a challenging period as a result of the conflict.
“We are now in a difficult moment for the region because of the war in the Middle East,” Zeidane told reporters in Washington, according to Agence France-Presse (AFP). He added that while a ceasefire is currently in place, it could take time for markets and supply chains to recover from recent disruptions.
Zeidane said Gulf energy producers may need six to seven months to restore production and exports to normal levels, warning that prolonged disruptions could continue to affect countries dependent on imported fuel and fertilizers.
The fund has expanded support efforts for African economies hit by higher energy and fertilizer prices, he said, noting that several governments have sought technical assistance and additional financing in recent weeks.
Zeidane added that the fund is considering new financing programs for African countries before the end of the year.
Earlier this month, IMF spokesperson Julie Kozack said the organization plans to broaden support programs for some of the countries most affected by the economic fallout, including The Gambia, Ethiopia and Burkina Faso, while accelerating discussions with Malawi on possible financial assistance.
