Guterres told a virtual conference on Africa hosted by the World Bank and International
Monetary Fund (IMF) that the continent needed more than US$200 billion to respond to
the pandemic and mitigate its economic impact.
G20 officials and Paris Club creditors agreed on Wednesday to suspend debt service
payments for the world's poorest countries through the end of the year, a move
matched by a group of hundreds of private creditors.
But finance ministers and a growing chorus of non-profit groups are calling for broader
debt relief to help other low- and middle-income countries that are also plagued by high
debt burdens as they brace for worsening pandemic impacts.
In Africa, eligible countries owed private sector creditors US$16 billion in payments in
2020, or 10% of fiscal revenue, compared to US$6 billion owed to official bilateral
creditors, the IMF and World Bank briefing paper said.
"Contingent on a more severe growth and revenue downturn, a broader group of
countries may require debt relief and existing arrangements extended," it said.
African leaders
The IMF and World Bank said on Friday that official creditors have mobilised up to US$57
billion in loans and grants for Africa in 2020 to aid the continent's response and recovery
from the coronavirus pandemic.
In a joint statement issued after a videoconference with African leaders, the World Bank
and IMF said the total includes more than US$18 billion from each of the two institutions
for front line health services, support the poor and vulnerable and to keep economies
afloat amid the worst economic downturn since the 1930s.
African leaders, the IMF and the World Bank on Friday appealed for rapid international
action to help African countries respond to the coronavirus pandemic that will cause the
continent's economy to shrink by 1.25% in 2020, the worst reading on record.
IMF managing director Kristalina Georgieva told ministers, UN officials and others that
the African continent lacked the resources and healthcare capacity to address the crisis,
and needed at least US$114 billion to cover urgent fiscal needs.
Even after pledges of support from bilateral, multilateral and private creditors, Africa
faced a gap of around US$44 billion, 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. It is a setback for the progress we have made to
eradicate poverty, inequality and underdevelopment,” said South African president Cyril
Ramaphosa, who chairs the African Union.
"Large financing gaps remain and greater support is needed to ensure that African
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