Regis N’Sonde on tackling uncertainty and promoting multilateralism

N’SONDE: Good afternoon. My name is Regis N’Sonde. I’m from the Republic of Congo. I have been the IMF executive director representing 17 countries on the continent, ranging from Central to East Africa. And my constituency comprises diverse countries ranging from low-income countries, fragile states, and emerging or frontier markets.  

SIGNÉ: What are your key takeaways from the 2025 Spring Meetings?  

N’SONDE: So regarding my key takeaways for the 2025 Spring Meetings, I would say first that it’s a bit early to draw lessons from the 2025 Spring Meetings for the simple reasons that major events is yet to take place, which is the International Monetary and Financial Community Meeting, which is scheduled tomorrow at 9. So this is basically the the organ where governors and ministers from around the world discusses the global challenges facing the economy and the policy priorities that policymakers should tackle. 

But we have initial insight on what the takeaway might be. As you know, the global economy outlook is clouded by major uncertainty stemming from the global trade policy shifts you are aware of. So it creates uncertainty for policymakers in terms of how they will calibrate or recalibrate monetary policy because the policy shifts I just mentioned will have consequences in terms of the ongoing process of disinflation. There could be additional inflationary pressures coming up. There will be an impact on fiscal and external positions of countries. And even countries that are not directly affected by the the policy shifts could be adversely affected indirectly through spillovers who will go through their trading partners. So there is an important sense of, a significant sense of uncertainty among policymakers.  

SIGNÉ: Fantastic. Thank you so much for sharing your wonderful insights. How might the 2025 Spring Meetings shape policy decisions and deliver tangible results across Africa moving forward?  

N’SONDE: First, I believe that despite the unilateral initiatives taken by some major countries, we still believe that the multilateralism should be the way to address common challenges facing the world economy. As regard to Africa, you know the continent remains vulnerable to external shocks, ranging from climate change but now also from the global policy uncertainties. So our continent needs to make sure that we we put our affairs in order, which means that we should continue to put our public finances in order and accumulate sufficient buffers to be ready for the next series of shocks, as you know.  

Now the world economy has been affected by multiple shocks ranging … you remember the started with the COVID-19 pandemic and since then we have seen a succession of shocks and we need to be prepared for the next shock. And so, yes, so that’s what we need to do. Prioritize our our objectives, we need to make sure that our economies remain resilient. So this means not only building up buffers but also moving on with structural reforms to strengthen our resilience which includes diversifying our economies and also advancing the regional integration through notably the African Continental Free Trade Agreement.  

SIGNÉ: Thank you so much for joining us today.  

N’SONDE: Thank you, Mr. Signé, it was a pleasure.