NAIROBI, April 3. /TASS/. The currencies of at least 29 African countries have weakened significantly due to the war unleashed by the United States and Israel against Iran, according to a policy brief presented by several regional and international organizations at the 58th session of the UN Economic Commission for Africa, which is currently underway in Morocco.

As the document notes, the currencies of 29 African countries have already depreciated, increasing the local-currency cost of servicing external debt, making imports more expensive, and weakening foreign exchange reserves.

"These pressures could combine to exacerbate a fiscal squeeze, especially in countries with high debt service, large fuel and food import bills, and weak reserves, such as Senegal, Sudan, Cabo Verde, South Sudan and The Gambia," the document says.

The situation is further complicated by disruptions in energy supplies from the Persian Gulf and key agricultural commodities such as ammonia and urea during the critical March-May planting season. Analysts have warned that this could reduce production and increase food insecurity, particularly in import-dependent countries and among low-income populations.

"Continued escalation of the conflict worsens global instability, with serious implications for energy markets, food security, and economic resilience, particularly in Africa where economic pressures remain acute," Chairperson of the African Union Commission, Mahmoud Ali Youssouf said.

"This moment calls for decisive action, to protect people now, but also to accelerate Africa’s long-term push towards energy security, food sovereignty, and financial self-reliance. Crises like this reinforce why Africa must finance more of its own future and strengthen regional solutions that build resilience before the next shock hits," said UN Undersecretary-General and Executive Secretary of the United Nations Economic Commission for Africa Claver Gatete.

The policy brief was prepared by the African Development Bank, the African Union Commission, the United Nations Development Program, and the United Nations Economic Commission for Africa. The organizations also outlined a response strategy, including immediate measures to stabilize prices and protect households, medium-term reforms to strengthen energy systems and regional trade within the African Continental Free Trade Area, and longer-term structural changes to mobilize domestic resources and build African financial safety nets.