IMF Staff Reaches Staff-Level Agreement with Sierra Leone on the Sixth and Seventh Reviews of the Extended Credit Facility

Good morning to those in Brussels and watching online. I thank the European Commission for inviting me to deliver the Tommaso Padoa-Schioppa lecture at the Brussels Economic Forum this year. And I’m sorry I can’t do it in person.

We deliver Climate Capacity Development not only from our headquarters in Washington, but also through our 17 Regional Capacity Development Centers, and our network of long-term experts in the field.

Eswatini has shown resilience to multiple economic shocks. Real GDP contracted by a comparatively modest 1.6 percent in 2020 but surged by 7.9 percent in 2021 as manufacturing rebounded on the easing of COVID-19 restrictions and strengthened external demand. Real GDP growth declined in 2022 due in part to base effects but also as construction projects slowed in response to government cash constraints, and sugar cultivation and processing were affected by excessive rainfall, high fertilizer and pesticide costs, and arson. Inflation rose in the wake of surging international food and fuel prices but appears to have peaked in 2022.

Strong fiscal policy support has helped the economy navigate through multiple shocks over the last few years, while strong institutional frameworks and financial buffers have allowed the financial system to remain resilient and continue to operate smoothly, including the Linked Exchange Rate System (LERS).

Departmental Paper No 2003/003

One World Media just unveiled the nominees for this year’s Awards. This Awards season brought a wide range of stories from around the world. The panels of 60 judges have made their selections across 15 categories including the ‘Women’s solutions reporting’ award sponsored by the EIB and Plan International. Coming from the industry’s most distinguished journalists, filmmakers and media professionals, the judges viewed more than 600 entries in total from 110 countries.

Your Excellencies, Ambassadors,
Eminent Japanese and African Business leaders,
Distinguished ladies and gentlemen.
Good afternoon!

Africa must use all its comparative advantages to mobilize the resources it needs to finance its sustainable development ambitions. Since 2010, official development assistance has declined, falling to its lowest level of $34 billion in 2022, according to Organisation for Economic Co-operation and Development (...

Africa, the continent that pollutes the planet the least, is today one of the world’s most vulnerable to climate risks.