Can IMF help drought affected countries in Africa?
The International Monetary Fund (IMF) is examining ways of giving financial assistance for African countries that have been devastated by relentless drought, according to The Associated Press.
Communications Director of the IMF, Julie Kozack highlighted the IMF’s acknowledgement of the global climate crisis that causes extreme conditions and vast devastation across Africa in a press conference on 4th April.
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The IMF has “seen an increased frequency of climate shocks globally,” Ms Kozack stated.
“And Africa has been particularly hard hit by these climate shocks,” Ms Kozack added, bringing attention to the droughts in Zimbabwe, Malawi, and Zambia.
A Bloomberg article suggests that Africa’s leaders have sought involvement in global finance through hosting the annual IMF and World Bank meetings for the first time in 50 years, in Marrakech, Morocco, in October 2023.
Tensions between China/Russia and the US/West have risen due to increased Chinese and Russian investments and gifted support to many African nations. The rivalry has been further fuelled by the UAE’s relations with Russia and China addressed in the Abraham Accords.
Since 2010, China’s investments in Africa have increased fivefold. Similarly, Russia has secured nuclear plant deals, donated wheat to Burkina Faso, and has had a strong military presence in multiple African nations.
While the global superpowers continue their rivalry, East Africa faces the worst drought it has seen in 40 years.
The droughts have resulted in mass population displacement, malnutrition, and outbreaks of waterborne diseases such as cholera.
Mass displacement can lead to increased immigration, as seen by Tunisia’s growing migrant population.
The more migrants who attempt to better their situation, the more international deals are made between North African leaders and the EU in efforts to curb the migration through funding.
READ: MEP’s alleg EU aid to Tunisia went directly to Saied’s pocket
The lack of rainfall across the continent has caused harsh rippling effects such as the increased cost of drinking water and the loss of rivers and water reserves.
AP/Bloomberg/AFP
