Washington, 24 January 2022 (TDI): As the global pandemic rages on, many fragile and conflict-affected states (FCS) continue to bear the worst effects of it. The divide between these countries and conflict-free countries will continue to widen and worsen.
The International Monetary Fund (IMF) classifies more than 40 countries as fragile and conflict-affected. Some of them include; Libya, Haiti, Papua New Guinea, Somalia, and Congo. The combined population of these states is over 1 billion and their population is slated to grow another 60% by 2030.
These countries have reduced capacities to mitigate large-scale social, economic, and financial crises. In many cases, these countries also have active armed violence which causes numerous amounts of military and civilian casualties.
Not all fragile and conflict-affected states face active conflicts at the moment but most of them are still prone to violence. As it currently stands, violence has reached a 30-year high which has caused more than 80 million people to be displaced.
These countries also face lowered per capita income and GDP as the pandemic continued. Overall, these countries saw their GDPs contract by over 7.5%. They also face increasing debt pressures. Debt rose to 78% of their GDP in 2020, according to the IMF.
Inflation is also having dire effects on their economies. Consumer prices saw a surge of 9% above what was predicted pre-pandemic. Food inflation is the biggest problem these countries are facing right now.
Fragile and conflict-affected states are falling behind the world and the international community needs to take action in order to ensure their survival.
International Monetary Fund (IMF)
The International Monetary Fund (IMF) is an organization comprising over 180 countries. It promotes global stability, economic growth, encourages international trade, and works towards reducing poverty.
The IMF is headquartered in Washington, DC. The IMF collects data on international trade and economies. It also provides economic forecasts for many countries that are updated regularly.
The IMF also provides loans to countries that need them. Members contribute to the loan fund based on a quota system. These loans are conditional. The country the loan is being given to must make some changes or reforms to allow for better economic growth.