IMF Says Africa Will Need $1.2tn To Recover #COVID19 Losses

by on October 10, 2020

Following the damages brought by the COVID-19 pandemic to different continents, countries of world, the International Monetary Fund (IMF), has said that over the next three years, that Africa will need $1.2 trillion if they are to put back in shape their economy as well as health sectors.

IMF Chief, Kristalina Georgieva explained that the rest of the world would join hands to help Africa recover from the pandemic.

She said that the continent so far has recorded fewer COVID-19 infection and deaths than other continents.

“The pandemic is putting end to progressive growth so far recorded in Africa, as family incomes has reduced by 12%, and numerous jobs lost”, Georgieva explained.

According to her, “IMF reacted to the crisis by giving African countries $26bn to adjust COVID-19 impact, but sadly, however, there remains wide gap to fill in terms of funds needed.

The IMF Chief called for extension of moratorium by G20 of debt repayments as she looked to make funds available for lending.

“There has been over 1.5 million cases in Africa and about 37, 000 persons has died from the virus”, she added.

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