IMF assistance to drought-hit Africa

WASHINGTON – International Monetary Fund chief Rodrigo Rato appealed on Tuesday for more aid for Africa “to avert the risk of a humanitarian crisis” and said the global lender would also seek to help drought-hit nations.

Rato expressed “deep concern” about food insecurity from intensifying drought in eastern Africa, adding that countries like Niger, Eritrea, Ethiopia and Malawi continue to suffer after last year’s food shortages. “It will be critical to respond in a timely manner – avoiding the human tragedies and adverse economic consequences that have all too often been associated with droughts in the past,” the IMF managing director said in a statement.Calling for grants and other assistance to boost the continent’s food capacity, Rato called on international donors “to respond generously and pro-actively in addressing the food needs of Africa’s people.”The IMF, a Washington-based institution that serves as a global economic watchdog and gives governments policy advice, said it would seek to help affected countries.”We are prepared, as in the past, to provide financial support by augmenting existing programs or by providing new financial assistance to countries that experience drought-related balance of payments needs,” Rato said.Some countries could also see their IMF fiscal targets tweaked in recognition of drought pressures, and those without programs could also be eligible for assistance, Rato said.”We will remain in close contact with the relevant authorities to see how the fund can be most helpful in each individual country’s circumstance,” he said.”In this way, we will play our role as part of a hopefully concerted global effort to avert the risk of a humanitarian crisis in Africa.”- Nampa-Reuters”It will be critical to respond in a timely manner – avoiding the human tragedies and adverse economic consequences that have all too often been associated with droughts in the past,” the IMF managing director said in a statement.Calling for grants and other assistance to boost the continent’s food capacity, Rato called on international donors “to respond generously and pro-actively in addressing the food needs of Africa’s people.”The IMF, a Washington-based institution that serves as a global economic watchdog and gives governments policy advice, said it would seek to help affected countries.”We are prepared, as in the past, to provide financial support by augmenting existing programs or by providing new financial assistance to countries that experience drought-related balance of payments needs,” Rato said.Some countries could also see their IMF fiscal targets tweaked in recognition of drought pressures, and those without programs could also be eligible for assistance, Rato said.”We will remain in close contact with the relevant authorities to see how the fund can be most helpful in each individual country’s circumstance,” he said.”In this way, we will play our role as part of a hopefully concerted global effort to avert the risk of a humanitarian crisis in Africa.”- Nampa-Reuters