IMF chief Kristalina Georgieva and World Bank President Ajay Banga used this week's members to urge members to step up funding. Photo: FADEL SENNA / AFP/FileSource: AFPThe IMF announced Saturday member nations agreed to increase their contributions to the global lender and give sub-Saharan Africa a third seat on its executive board at its first meetings on the continent since 1973. While voting shares were not changed, the IMF agreed to expand its executive board from 24 to 25 members to give Africa another seat. Sub-Saharan Africa will now have three executive board members instead of two. "I will finish with what warmed my heart the most: uniform support for a third African chair on our executive board," Georgieva said.

Source: Daily Nation October 14, 2023 14:19 UTC