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IMF chief warns Africa to prepare for Europe fallout

By REUTERS

DECEMBER 21, 2011 20:31

NIAMEY - Many countries in sub-Saharan African are less prepared to deal with an economic shock now than they were during the 2008 food and fuel crisis and the global financial turmoil that followed, IMF chief Christine Lagarde said on Wednesday, urging developing nations to build up their economic defenses.

Lagarde was speaking during a trip to Niger, one of the world's poorest countries and Africa's newest crude oil producer, during which she met President Mahamadou Issoufou and praised his development plans.

Lagarde's December 18-22 trip to Africa, which also included a visit to OPEC-member Nigeria, comes as concerns grow over the impact on developing countries of Europe's sovereign debt crisis through a possible drop in global trade, workers' remittances and investment.

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