Even after pledges of support from bilateral, multilateral and private creditors, Africa faced a gap of around $44 billion (Sh4.6 trillion), officials told the “Mobilising with Africa” conference held online during the spring meetings of the World Bank and IMF. “This pandemic has already had a devastating impact on Africa and its effects will deepen as the rate of infection rises. World Bank Group President David Malpass said the Bank had already provided emergency support to 30 countries across Africa, with more to come, and it would continue to advocate for debt relief and increased resources. Of $160 billion (Sh17 trillion) in emergency funding the World Bank expects to provide over the next 15 months, $55 billion would go to Africa, he said. United Nations Secretary-General Antonio Guterres estimated Africa’s financial needs ranged as high $200 billion (Sh21.2 trillion).

Source: Standard Digital April 18, 2020 21:00 UTC