African leaders, the IMF and the World Bank appeal for international action to help African countries respond to the Covid-19 pandemic
A young boy holds a party mask over his face while the spread of the coronavirus disease continues in an informal settlement in Cape Town, South Africa, April 17, 2020
Even after pledges of support from bilateral, multilateral and private creditors, Africa faced a gap of around $44 billion, officials told the "Mobilizing with Africa" conference held online during the spring meetings of the World Bank and IMF. It said official creditors had mobilised up to $57 billion in emergency support for Africa in 2020 alone, including upwards of $18 billion each from the IMF and the World Bank, and private creditor support could amount to an estimated $13 billion this year. That still left a gap of $44 billion, and that would remain elevated next year, it said.
In Africa, eligible countries owed private-sector creditors $16 billion in payments in 2020, or 10 percent of fiscal revenue, compared to $6 billion owed to official bilateral creditors, the IMF and World Bank briefing paper said.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
IMF approves $1.4 billion in coronavirus aid to PakistanPakistan has reported just over 100 coronavirus-related deaths but experts have warned that the country of 215 million people could see a rapid and devastating increase due to its shortage of medical infrastructure and crowded cities.
Read more »
U.S. resistance will speed IMF innovationAmerican opposition may scupper calls for the international lender to help poor countries by conjuring up more of its quasi-currency. Extending loans with strings attached makes little sense when dealing with Covid-19. The crisis will force the fund to become more flexible.
Read more »
Pandemic to bring Asia's 2020 growth to halt for 1st time in 60 years – IMFPolicymakers must offer targeted support to households and firms hardest-hit by travel bans, social distancing policies and other measures aimed at containing the pandemic, said Changyong Rhee, director of the IMF's Asia and Pacific Department.
Read more »
IMF boss says UK should seek longer Brexit transitionBritain should ask for an extension to its post-Brexit transition period to ease uncertainty at a time when the world economy is being hammered by the coronavirus pandemic, the head of the International Monetary Fund said.
Read more »
Pandemic to bring Asia's 2020 growth to halt for 1st time in 60 years: IMFAsia's economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an 'unprecedented' toll on the region's service sector and major export destinations, the International Monetary Fund said on Thursday.
Read more »
IMF warns Japan against deepening negative interest ratesInterest rate cuts may do more harm than good to Japan's economy hit by fallout from the coronavirus pandemic, a senior International Monetary Fund official said, warning the central bank against pushing rates deeper into negative territory.
Read more »