Sub-Saharan Africa is set to gain a "more influential representation" at the International Monetary Fund (IMF), as it is being allocated a third seat on the global lender's executive board, according to IMF Chief Kristalina Georgieva in an announcement made to AFP.This development comes in advance of the IMF and World Bank meetings taking place in Marrakesh, Morocco, marking the first such gathering on the African continent since 1973.

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The IMF's executive board, overseen by Georgieva, oversees the institution's daily operations and currently comprises 24 directors. The United States, as the world's largest economy, holds the largest share of votes, followed by economic powerhouses Japan, China, and Western Europe, which are ahead of other regions and developing nations in terms of representation.“I have some good news for Africa.

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We are advancing a preparation to have a third representative of sub-Saharan Africa in our executive board,” Georgieva told AFP in Abidjan, Ivory Coast, last week Thursday.“Ultimately, what it will mean is (a) stronger voice for Africa,” the IMF’s managing director added.

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The World Bank has additionally declared its intention to establish a third seat for African nations on its board, with the official decision set to be made during the October 9-15 meetings in Marrakesh.

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During the meetings in Morocco, both the IMF and World Bank will address the challenging matter of institutional reform, responding to increasing demands for more effective solutions to address debt and climate change issues in less affluent countries.‘Brighter prospect’Georgieva noted that economic growth in sub-Saharan Africa has slowed down this year to a rate of three percent.

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“The impact of war (in Ukraine) was devastating, especially coming on top of COVID-19,” she said.“Countries with limited fiscal capacity were particularly severely impacted.”Inflation, which soared in the wake of Russia’s full-scale invasion of Ukraine, caused “additional hardship on people”, Georgieva added.Moscow’s invasion sent food prices soaring as both Russia and Ukraine are major exporters of agricultural goods.

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Georgieva praised countries “for being very prudent in dealing with inflation”, which has gone down in many nations, and prioritising public spending in a way that allows them to lower deficits.“We expect some brighter prospects for sub-Saharan Africa in 2024,” the Bulgarian economist and former European Commission vice-president said.“But it is hard.

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We still see that food prices are particularly high, and that translates into (a) terrible fate for 144 million people having difficulty in feeding themselves and/or their families,” she said.She warned against measures such as price caps or subsidising fuel to help people cope with inflation, as they “ultimately benefit rich people even more than poor people”.

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“What we want is countries to win the fight against inflation,” Georgieva said.“It’s not going to happen if we throw in more money without good fundamentals for the economy to run efficiently,” she added.Instead of subsidies, she said, “What we are strongly recommending is to give direct support to the poorer part of the population”.

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Despite the IMF's ongoing provision of special assistance, including zero-interest loans, in response to the COVID-19 pandemic, Georgieva expressed her intention to urge both nations and the private sector to increase their contributions to aid developing countries. She emphasized the need for greater support in light of the ongoing challenges.

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‘Lost decade’The World Bank warned in a report on Wednesday that sub-Saharan Africa’s economic outlook “remains bleak”.The institution warned that the region could face “a lost decade of growth”, pointing to “rising instability” with “increased incidences of attempts to destabilise governments by unconstitutional or violent means in recent years”.

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The Sahel region in particular has been the scene for more than a decade of jihadist insurgency that has fuelled military takeovers in Niger, Mali and Burkina Faso.Despite the coups, Georgieva defended the IMF’s decision to maintain aid to those countries due to “humanitarian concerns”.“We have a responsibility to make sure there is at least minimum financial capacity,” she said.

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“Because the regimes are not there sufficiently for their people, it’s not an excuse for us to forget about the men, women and children who need us.”

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