The economy of the sub-Saharan region is facing a combination of shocks and policy challenges rarely seen before, as Russia’s war of aggression in Ukraine is creating major stresses for the global economy, weakening the postpandemic recovery and putting macroeconomic stability at risk. Economic policymakers face an extremely complex policy environment which poses difficult trade-offs to address the emerging challenges in addition to the unprecedented longer-term challenges, such as increased inequality, escalating fragility and conflict, a growing digital divide, and the existential threat of climate change; and to continue to pursue inclusive sustainable economic development.
In this context, the overall aim of the proposed intervention is to build capacity in Sub-Saharan Africa in economic governance in order to build resilience to macroeconomic challenges and thrive in opportunities (such as green transition, gender equality, good governance and digitalisation) and align with regional and national development plans, including green strategic plans and commitments. More specifically, capacity development of National Governments and economic institutions, notably Ministries of Finance, Revenue (Tax and Customs) Authorities, Central Banks, Financial Sector Supervisors, Anti-Corruption Agencies, and Statistical Agencies in 45 SubSaharan countries (listed under section 2.2); as well as of Regional Organisations in core economic aspects targeted by this action will support the consolidation of macroeconomic, financial and fiscal frameworks and the integration
of climate change and gender equality aspects to strategic allocation of resources. The action will build on the achievements of the hands-on capacity development provided to countries and regional organisations in the SubSaharan region by the IMF’s network of Regional Capacity Development Centres (RCDCs) and the IMF’s Africa Training Institute (ATI).