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International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., as IMF Managing Director Christine Lagarde meets with Argentine Treasury Minister Nicolas Dujovne September 4, 2018. REUTERS\/Yuri Gripas\/File Photo<\/p>\n
LONDON (Reuters)\u00a0\u2013\u00a0The International Monetary Fund\u2019s new Africa chief, Zeine Zeidane, said that conflict in the Middle East has created difficulties for sub-Saharan Africa but reaffirmed the fund\u2019s commitment to aiding nations under economic strain.<\/p>\n
Zeidane, who assumed his role as Director of the IMF\u2019s African Department on May 1, oversees operations and engagement with 45 countries across the region.<\/p>\n
\u201cMy immediate priority is really to help countries in the region to weather this shock,\u201d Zeidane said at a media briefing.<\/p>\n
The IMF has already reached staff-level agreements to provide augmented financing in response to the conflict\u2019s effects for Burkina Faso, The Gambia and S\u00e3o Tom\u00e9 and Pr\u00edncipe.<\/p>\n
For Ethiopia, which has a large IMF programme in place, Zeidane said the fund accelerated about $200 million in financing.<\/p>\n
Zeidane warned that disruptions linked to the Middle East conflict could take months to resolve, noting that a ceasefire was already in place but that Gulf nations had indicated it typically takes six to seven months for production and exports to resume fully.<\/p>\n
He added that the Middle East\u2019s role as a significant exporter of fertilisers would have far-reaching implications for Africa\u2019s food security and production costs.<\/p>\n
Despite immediate challenges, Zeidane expressed optimism over sub-Saharan Africa\u2019s long-term prospects, noting that prior to the current crisis, the region was among the fastest-growing globally and had made strides in fiscal consolidation.<\/p>\n
\u201cThe future, the next growth engine for the world, will be Africa,\u201d he said. \u201cWe need to support Africa to unlock its potential.\u201d<\/p>\n
Zeidane, who began his IMF career in 2012, previously served as Mauritania\u2019s prime minister, central bank governor and economic adviser to the president. He succeeded Abebe Aemro Selassie, who retired from the IMF in May.<\/p>\n