As the world braces for potential waves of the
virus, the joint appeal said no region will be safe
if Africa, with largely weak health systems, is left
to fend for itself.
An “unprecedented effort” is required, the joint
appeal said, directly addressing the World Bank
and IMF. “We must deploy a huge economic
stimulus package of at least $100 billion” to
give Africa the resources it needs to fight the
virus. The continent risks falling into its first
recession in a quarter-century, the World Bank
has said.
The IMF approved $500 million to cancel six
months of debt payments for 25 of the world’s
most impoverished countries, including 19 African
ones, so they can help tackle the pandemic.
On Wednesday, the IMF said sub-Saharan
Africa could see minus-1.6% growth this year,
“the lowest level on record.” Recent strides in
development could be reversed, it said, and “no
country will be spared.”
Calls for assistance have been growing at the
highest levels. In his Easter message, Pope Francis
called for debt forgiveness for the world’s poorest
countries, saying they are being hardest hit by the
pandemic and must not be “abandoned.”
Africa’s debt-to-GDP ratio has climbed from
30% in 2012 to 95% today, said French President
Emmanuel Macron in an interview posted
Wednesday with Radio France Internationale.
“So we absolutely must help Africa to strengthen
its capacities,” he said.
It is a moral, human duty, Macron added, calling
on China, a major lender to African nations, to
help. He’s also pushing for debt rescheduling
and, in some cases, debt cancellation.