Business News of Sunday, 11 July 2021Source: reuters.comRich countries should reallocate at least US$30 billion of new money from the International Monetary Fund (IMF) towards investments in Africa to help countries battling the effects of coronavirus and climate change, four African finance ministers said. In an open letter to the leaders of the Group of 20 leading economies, finance ministers from Ghana, the Democratic Republic of Congo, Côte d’Ivoire and Nigeria also urged the rich nations to increase support for poorer countries’ COVID vaccination drive. The IMF has taken steps to implement a new US$650 billion allocation – the largest ever – of its reserve currency, so-called Special Drawing Rights (SDRs). “(This would) catalyse investments to Africa, reduce the liquidity premia on sovereign bonds offered by middle-income countries and incentivize green and sustainability-linked investments,” the letter said. “In June alone there was a 290 million shortfall in vaccine supply,” the finance ministers said.

Source: GhanaWeb July 11, 2021 07:58 UTC