The International Monetary Fund said that Africa needs $ 1.2 trillion over the next three years, to recover from the economic and health costs resulting from the spread of the Corona virus.
The fund’s director, Kristalina Georgieva, said the world “must do more to support Africa (to recover) … from this crisis.”
This comes despite the fact that the number of HIV cases and deaths due to it is lower in Africa than most other continents.
But the World Bank warns that 43 million more Africans face the risk of falling into extreme poverty as a result of the epidemic.
In an online meeting with International Monetary Fund officials, Georgieva said that the economic impact of the epidemic is due to strong economic growth in Africa in recent years, as jobs (which had recently become available) disappeared and families’ income sources decreased by 12 percent.
To help mitigate the spillover, several African governments have pursued policies that have cost 2.5 percent of GDP, according to Georgieva.
The International Monetary Fund has granted African countries about $ 26 billion to mitigate the repercussions of the crisis, but despite the help of private lenders and the assistance of other countries, there is still a large deficit in financing.
The Director of the International Monetary Fund said that “some countries face large debt burdens that force them to choose between paying interest on debts or additional spending on the social and health sector.”
To help, Georgieva called on the G20 to extend the moratorium on debt payments and make more money available for lending.
Africa has recorded more than 1.5 million confirmed cases of the Coronavirus. Nearly 37,000 people have died from the infection.