Africa needs more than $200 billion to respond to pandemic, U.N. chief says

Login

Register

http://www.clubofmozambique.com/

Africa needs more than $200 billion to respond to pandemic, U.N. chief says

11:16 CAT | 17 Apr 2020

Secretary-General António Guterres is urging stepped up efforts to prepare Africa for the expected spread of the coronavirus pandemic, warning that the continent “could end up suffering the greatest impacts.” The U.N. chief told a video conference with African ambassadors to the United Nations that COVID-19 “is in no way of Africa’s making.” But like the climate crisis, he said, Africa could be hurt most. [UN]

United Nations Secretary-General Antonio Guterres on Friday urged creditors to grant a debt standstill for all developing countries, not just the poorest, warning that many faced debt distress due to a global recession triggered by the coronavirus pandemic.

Guterres told a virtual conference on Africa hosted by the World Bank and International Monetary Fund that the continent needed more than $200 billion to respond to the pandemic and mitigate its economic impact.

To mobilize more resources, he said the IMF should allocate new Special Drawing Rights (SDRs), a step that has been opposed by the United States. An SDR allocation is akin to a central bank “printing” new money.

Source: Reuters