Africa needs an estimated US$114 billion in 2020 as it fights against the coronavirus, leaving a financing gap of around $44 billion, according to a joint statement from the World Bank Group and the International Monetary Fund (IMF) on Friday. Private creditor support this year could amount to an estimated $13 billion,” the statement said. On Friday the World Bank Group and the IMF convened African leaders, bilateral partners, and multilateral institutions to spur faster action on the African response COVID-19 response, according to a World Bank press release. Multilateral organizations including the UN pledged their continued support while bilateral partners reemphasized their commitment to a debt standstill beginning May 1, 2020, the press release said. A move by several G20 countries to temporarily suspend debt payments to the IDA and least developed countries starting May 1 was praised by the World Bank and IMF.

Source: Egypt Independent April 18, 2020 15:22 UTC