COVID-19: World Bank, IMF and others mobilise resources to free Africa

COVID-19: World Bank, IMF and others mobilise resources to free Africa

- The World Bank, the IMF and other global agencies have discussed strategies to help African countries combat the coronavirus

- Plans relating to the judicious use of resources were outlined by countries that took part in the discussion

- The meeting followed calls for a suspension of debt payment in order to provide resources for poor countries

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The World Bank, the International Monetary Fund (IMF) and other stakeholders, on Sunday, April 18, 2020, discussed the possibility of a quicker strategy on a response to the coronavirus in African countries.

Inputs were received from Cyril Ramaphosa, President of South Africa and chairperson of the African Union, Antonio Guterres, Secretary-General of the United Nations, Dr. Tedros Adhanom Ghebreyesus, Director-General of the World Health Organisation (WHO) among others.

Officials from the individual countries took the opportunity to outline their policy plans in line with the judicious use of resources.

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Per a report by citibusinessnews.com, the meeting was also an opportunity for the United Nations to pledge its continuous support to reemphasize its commitment to a standstill on debts from May 1, 2020.

The meeting followed calls from the President of the World Bank, David Malpass and the Managing Director of the IMF, Kristalina Georgieva, and other partners for a suspension of debt payment in order to provide support for the poorest countries.

Briefly.co.za understands that official creditors have mobilised about $57 billion for Africa in 2020 alone.

This includes about $18 billion each from the IMF and the World Bank for the provision of frontline health services, support for the poor and vulnerable and the protection of the economy from unexpected shocks.

It has been estimated that private creditor support this year could amount to an estimated $13 billion.

However, the continent needs an estimated $114 billion in 2020 in its fight against COVID-19.

Meanwhile, the International Monetary Fund (IMF) has revealed that countries all over the world have spent a total of $8 trillion to combat the coronavirus.

The countries that form the G20 have been recognised as the highest spenders, Briefly.co.za has learned.

The G20 is made up of Australia, Canada, Saudi Arabia, the United States of America, India, Russia, South Africa, Turkey, Argentina, Brazil and Mexico.

The rest are France, Germany, Italy, the United Kingdom, China, Indonesia, Japan, South Korea and the European Union.

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Source: Briefly.co.za

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