Guterres in Senegal: ‘Triple Crisis’ in Africa Aggravated by War in Ukraine

UN Secretary-General Antonio Guterres and Senegal's President Macky Sall at a press conference in Dakar. AFP
UN Secretary-General Antonio Guterres and Senegal's President Macky Sall at a press conference in Dakar. AFP
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Guterres in Senegal: ‘Triple Crisis’ in Africa Aggravated by War in Ukraine

UN Secretary-General Antonio Guterres and Senegal's President Macky Sall at a press conference in Dakar. AFP
UN Secretary-General Antonio Guterres and Senegal's President Macky Sall at a press conference in Dakar. AFP

The war in Ukraine is aggravating a “triple food, energy and financial crisis,” across Africa, according to UN Secretary-General Antonio Guterres.

Speaking in Dakar, the capital of Senegal, on his first visit to Africa since the beginning of the COVID-19 pandemic, Guterres said, “when discussing the socio-economic situation, it is impossible not to mention the war in Ukraine and its impact on Africa.”

The UN chief made the remarks after meeting the country’s President Macky Sall, who said that the war in Ukraine was “a human tragedy” which can have “a dramatic impact on economies, in particular, those of developing countries.”

Before the Russian invasion began in February, the combination of climate change, conflict and the pandemic, was already impacting the socio-economic situation in Africa, especially in the Sahel region which includes Senegal.

Earlier Guterres and Sall toured a new hi-tech vaccine production facility, currently being built by the Institut Pasteur in Dakar. When completed, it will be able to produce a range of vaccines including Pfizer-BioNTech, one of the most widely used immunizations against COVID-19. It will also be able to manufacture experimental vaccines against malaria and tuberculosis.

Guterres said that it was necessary to “build true vaccine equity across the world,” and that it was “unacceptable” that close to 80 percent of Africans are not vaccinated against COVID-19; a situation which he called a “moral failure.”

Sall has called for pharmaceutical sovereignty by supporting the emergence of an African pharmaceutical industry capable of meeting basic needs and coping with pandemics.

As part of the COVID-19 recovery plan, Senegal is strengthening its drugs manufacturing sector. It’s expected that the vaccination facility will produce at least 50 percent of the country’s needs.

Guterres added that the world’s “wealthiest countries and pharmaceutical companies should accelerate the donation of vaccines and invest in local production” of the type seen at Institut Pasteur facility.

Increased investment is part of a global strategy to support developing countries facing what the UN has called “cascading crises.” In March 2022, the UN chief established the Global Crisis Response Group on Food, Energy and Finance (GCRG) set up in response to the crisis provoked by Russia’s invasion of Ukraine, saying that the invasion was producing alarming effects on a world economy already battered by COVID-19 and climate change.

Sall is one of six eminent world leaders who have been named as Champions of the group and who are supporting the Secretary-General’s call for immediate action to prevent, mitigate and respond to the crisis. He is also the Chairperson of the African Union for 2022.

Talking to reporters in Dakar, Guterres said, “we must ensure a steady flow of food and energy in open markets, removing all unnecessary export restrictions,” adding that “countries must resist the temptation to hoard and instead release strategic stocks of energy.”

The UN estimates that a quarter of a billion people could be pushed into extreme poverty this year, caused by the consequences of the conflict in Ukraine. International financial institutions have a key role to play and “must urgently provide debt relief by increasing liquidity and fiscal space,” the UN chief said, “so that governments can avoid default and invest in social safety nets and sustainable development for their people.”



Iraq Oil Output Exceeds 5 million bpd

Majnoon oil field near the Iraqi city of Basra (Reuters)
Majnoon oil field near the Iraqi city of Basra (Reuters)
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Iraq Oil Output Exceeds 5 million bpd

Majnoon oil field near the Iraqi city of Basra (Reuters)
Majnoon oil field near the Iraqi city of Basra (Reuters)

Iraq produces more than 5 million barrels of oil per day (bpd), Oil Minister Basim Mohammed told state news agency INA on Saturday.

According to Reuters, Iraq is pushing for a higher OPEC production quota as the economic fallout from the Iran war and new investment by oil majors increase pressure on Baghdad to boost output, potentially putting it at odds with the producer group.

The conflict has hit Iraq particularly hard, forcing major export cuts and depriving the state of oil revenue, which accounted for 88% of government income last year.


IMF: Any Slowdown in AI-driven Growth Would be Factor for Central Banks

IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
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IMF: Any Slowdown in AI-driven Growth Would be Factor for Central Banks

IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)

Central bankers around the world would need to consider any slowdown in AI-driven growth as they assess steps in their fight against inflation, International Monetary Fund Managing Director Kristalina Georgieva said on Friday.

Georgieva said concerns about dependence on the AI investment boom and high valuations were impacting markets around the world.

"Things are going up and down, and this is likely to continue," she told an audience at IMF headquarters in Washington, adding that the volatility would complicate the job of central banks at a time when risks to price stability had been growing.

A steep rout in technology stocks on Thursday rippled through markets on fears that ⁠the Democrats' victory ⁠in the US midterm elections would increase regulatory scrutiny of AI and slow the data center build-out, sending investors to the safety of bonds.

The political jitters are hitting an AI trade already on shaky footing due to worry about return on massive spending on AI-related infrastructure, with the meltdown spurring margin calls and spooking retail investors and hedge ⁠funds alike.

Georgieva said the AI investment boom was lifting growth in some countries, helping to offset a negative oil-supply shock triggered by the war in the Middle East, but it was also adding to inflationary pressures and financial stability concerns.

The IMF last month flagged significant growth and financial stability risks from a potential ending of the AI investment boom, among other factors, including a prolonged Middle East war. At the time, it warned that a steep drop in AI investment could lead to a sharp fall in asset prices, ultimately cutting global GDP ⁠by 1.1% ⁠by 2028, including a 1.8% drop in US output.

Georgieva did not repeat the downside forecast on Friday, but acknowledged the recent market volatility.

"Should there be a slowdown in the AI-driven growth impulse, it would need to be factored in as central banks assess the necessary steps in the fight against stubborn inflation," she said.

Democrats are planning to unleash a flood of new legislation targeting artificial intelligence systems and data-center development when they take control of the US Congress in January, Reuters reported on Friday, citing congressional aides and advocates.

That would mark a sharp shift from the Republican-led Congress, where lawmakers largely focused on promoting AI development and declined to pass legislation restricting the technology.


World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
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World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)

World food prices edged lower in October as weaker import demand contributed to monthly declines in cereal, dairy and meat prices, but were still nearly 6% higher than a year earlier, the United Nations' Food and Agriculture Organization said on Friday.

The FAO Food Price Index, which tracks monthly changes in international prices for a basket of food commodities, ‌averaged 133.9 points ‌in October, down from a revised ‌135.6 ⁠in September.

The index ⁠was 5.9% higher than a year earlier, but remained 16.4% below its March 2022 peak.

FAO's cereal price index fell 4.5% from September and was 12.6% lower than a year ago, as wheat and maize quotations declined. Wheat prices eased on weak import demand ⁠and improved production prospects, especially in Argentina.

"Expectations of ‌easing constraints on Black ‌Sea export flows added to the downward pressure on prices, ‌although continued disruptions to Black Sea logistics limited the decline," ‌FAO said in a statement.

Maize prices also eased after reaching a three-year high in September, pressured by the US harvest, expectations of ample supplies in South America and renewed ‌prospects of easing tensions in the Black Sea region.

Vegetable oil prices edged up 0.3%, ⁠as ⁠higher soybean and sunflower oil prices more than offset a fall in rapeseed oil prices.

Sugar prices rose 6.6%, their fourth straight monthly increase, to the highest level since December 2024, after rainfall disrupted harvesting in Brazil. They were now 28.8% above a year ago.

The dairy index fell 1.1%, as lower butter and cheese prices linked to ample supplies and subdued demand outweighed gains in milk powder.

The meat index declined 1.2%, while still slightly above its year-earlier level, as ovine and bovine meat prices fell.