May 28, 2024

More than 30 countries in Sub-Saharan Africa request IMF emergency financing to respond to coronavirus

The Managing Director of the International Monetary Fund (IMF) Ms. Kristalina Georgieva said on Wednesday more than 30 countries in Sub-Saharan Africa have applied for emergency financing to respond to the novel coronavirus economic consequences.

Speaking at the virtual Spring Meetings in Washington DC, Ms. Georgieva said the IMF was responding rapidly to all the requests.

She said there was also debt service relief that was recently approved by the IMF board for about 19 African countries that is also having a positive effects.

As Africa respond to the novel coronavirus, Ms. Georgieva said the continent should ensure the free trade agreement does not get derailed because of the virus.

She said she will on Friday, along with World Bank President David Malpass, meet virtually with African Union chairperson, South African leader, Cyril Ramaphosa, as well as other African leaders and friends of Africa to mobilize resources for the continent.

“I’m sure we will come out of it with very concrete commitments to support Sub-Saharan Africa, and actually the broader African continent,” she said.

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