• Saturday, Dec 05, 2020
  • Last Update : 12:02 am

IMF: Africa needs $1.2tn of financing to beat Covid-19 hit

  • Published at 12:29 pm October 10th, 2020
Tunisia Covid-19
File photo: People, wearing masks, walk past a pharmacy, amid concerns over the spread of Covid-19, in Tunis on October 7, 2020 Reuters

African countries have more than a million cases of Covid-19 with 23,000 deaths

African countries will need $1.2 trillion through 2023 to repair the economic damage inflicted by the coronavirus pandemic, IMF Managing Director Kristalina Georgieva said Friday.

About $345 billion in financing has not yet been pledged, Georgieva said in a speech, while commitments from official lenders and international institutions cover less than a quarter of the projected need.

"All of us -- countries and institutions -- must do more to support Africa to cope with the next phase, which is building a recovery from this crisis," Georgieva said.

The Washington-based crisis lender estimates Africa will see its GDP contract 2.5% in 2020, one of the worst downturns the continent has ever seen. And while recovery will begin next year, pre-crisis levels of growth won't be reached until 2022.

With private sector financing limited, the IMF projects a funding gap of $44 billion for this year alone, and 43 million people could be pushed into extreme poverty on the continent, wiping out five years of progress in poverty reduction.

The IMF has significantly increased its financial assistance to the continent, providing about $26 billion to more than 40 countries this year, while the World Bank has provided around $21.9 billion in loans.

African countries have more than a million cases of Covid-19 with 23,000 deaths, the IMF said.

54
53
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail