African countries are together at least $44 billion shortage for a thorough approach to the corona pandemic. The International Monetary Fund (IMF) warns against this. IMF director Kristalina Georgieva calls for more and rapid international support for the continent.
According to Georgieva, the African continent has insufficient health care resources, among other things, to deal with the pandemic. All in all, she says, at least $114 billion is needed to meet urgent budgetary needs.
In a joint press release, the World Bank and the IMF report to allocate $18 billion each. In total, 57 billion has already been found with public lenders. In addition, support from private lenders could reach $13 billion. According to Georgieva, after the already pledged international support, there is still a deficit for African countries of at least $44 billion, she said at a conference entitled “Mobilizing with Africa” that took place during the spring meetings of the World Bank and the IMF.
The money should go to primary health care and support for the poor and vulnerable. Also, economies must be kept above water. “We must not leave any country behind,” said David Malpass, President of the World Bank.
“Our message is clear: we are in solidarity with Africa,” said Georgieva. According to the latest IMF projections, the continent will experience its first recession in 25 years.