International financial institutions and African leaders warned on Friday the continent needs tens of billions of dollars in additional money to ...
WASHINGTON: International financial institutions and African leaders warned on Friday the continent needs tens of billions of dollars in additional money to fight the coronavirus pandemic despite debt freezes and massive pledges of support.
Africa is seen as particularly vulnerable to the disaster, which the IMF has dubbed"The Great Lockdown," warning of the worst financial crisis since the Great Depression. The IMF expects the continent's gross domestic product to shrink by 1.6 percent in 2020,"the worst result ever recorded," and the World Bank has warned that the region could slip into its first recession in 25 years.
Using its redesigned Catastrophe Containment and Relief Trust , debuted in 2015 to help west African countries hit by the Ebola epidemic, the IMF approved on Monday a six-month debt payment standstill for 25 countries, with African nations making up the bulk of the relieved.
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