Africa needs more than $200 billion to respond to pandemic, UN chief says
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Africa needs more than $200 billion to respond to pandemic, UN chief says

Coronavirus chronicle

Reuters
17 April, 2020, 09:15 pm
Last modified: 17 April, 2020, 09:20 pm

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Africa needs more than $200 billion to respond to pandemic, UN chief says

To mobilize more resources, he said the IMF should allocate new Special Drawing Rights (SDRs)

Reuters
17 April, 2020, 09:15 pm
Last modified: 17 April, 2020, 09:20 pm
Secretary General of the United Nations Antonio Guterres speaks during a Security Council meeting about the situation in Syria at UN Headquarters in the Manhattan borough of New York City, New York, US, February 28, 2020. REUTERS/Carlo Allegri
Secretary General of the United Nations Antonio Guterres speaks during a Security Council meeting about the situation in Syria at UN Headquarters in the Manhattan borough of New York City, New York, US, February 28, 2020. REUTERS/Carlo Allegri

United Nations Secretary-General Antonio Guterres on Friday urged creditors to grant a debt standstill for all developing countries, not just the poorest, warning that many faced debt distress due to a global recession triggered by the coronavirus pandemic.

Guterres told a virtual conference on Africa hosted by the World Bank and International Monetary Fund that the continent needed more than $200 billion to respond to the pandemic and mitigate its economic impact.

To mobilize more resources, he said the IMF should allocate new Special Drawing Rights (SDRs), a step that has been opposed by the United States. An SDR allocation is akin to a central bank "printing" new money.

Global Economy

Africa / United Nations (UN)

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