The European Business Council for Africa

Countries and institutions must do more to help African states weather the global pandemic and its economic impact, the International Monetary Fund said on Friday, noting the region faced a projected financing gap of $345 billion through 2023.

IMF Managing Director Kristalina Georgieva told a conference that African states had spent an additional 2.5% of gross domestic product on average to help their populations, and institutions like the IMF had also stepped up, but more aid was needed. Private lending also remained subdued, she said.

“The pandemic will not be over anywhere until it is over everywhere,” Georgieva said. “All of us, countries and institutions, must do more to support Africa to cope with the next phase of this crisis.”

Despite sizeable domestic adjustments, African states still need $1.2 trillion in financing through 2023, she said, adding that some heavily indebted countries were being forced to choose between debt service and additional health and social spending. […]

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