Pretoria - International Monetary Fund (IMF) head Christine Lagarde has called for greater efforts to guard African countries from the crises affecting developed economies.
"These are challenging times for the global economy. While these problems might seem a world away, without action, the world economy could be swept into a downward spiral of collapsing confidence, weaker growth, and fewer jobs. And in today's interconnected global economy, no country and no region is immune to these risks," she said on Tuesday.
Lagarde was speaking at a gathering of economists, academics as well as representatives of the private sector in Lagos, Nigeria.
"The dark clouds of risk are gathering, and Nigeria and others in Africa will need to watch them carefully," she said.
This as the financial crisis in the euro-zone continues.
She explained that progress made in the last decade had put sub-Saharan Africa on a stronger footing to face the food and fuel crisis in 2008 as well as the global financial crisis that followed.
An effective response from policy makers ensured that most countries in the region were able to maintain spending on health, education and infrastructure, allowing their economies to recover quickly although these crises took a toll on the continent's efforts to reduce poverty.
"The potential for greater volatility in commodity markets could cause further disruptions, with winners and losers within the region. My main worry is that many countries do not have as much capacity to absorb shocks as they did three years ago.
"Added to that, the global slowdown could be more pronounced this time around. Policies need to tread a fine line between defending against the global slowdown in the near-term, while also preserving fiscal resources for investment in much-needed infrastructure that will help promote employment and growth."
Lagarde, who is due to visit South Africa in January, stressed that the IMF's commitment was to help its African members.
"The IMF is here to support you and be a better partner for you. I am committed to a deeper, more fruitful dialogue, with the IMF listening even more carefully to your needs. This will help us serve you even more effectively," she said.
Lagarde is due to visit South Africa from January 5 - 7 next year. She is scheduled to meet with the Presidency, the Ministers of Economic Development and Finance, as well as Reserve Bank Governor Gill Marcus to discuss challenges facing African countries.
"This will be my first visit to South Africa as managing director of the IMF. Not only is South Africa a vital member of the IMF, it is also an important player in the G20 process. This will be an opportunity for me to receive feedback on current challenges from such an important African voice," said Lagarde.
