Africa waits for Biden to unlock, reallocate $200b of IMF reserves
African countries are waiting for the G-20 to consider a proposal to allocate at least $200 billion held in unused reserves at the IMF to deal with the adverse impact of the coronavirus on their economies. PHOTO | FILE | NMG
African countries are waiting with bated breath for the Joe Biden administration and other rich economies under the G-20 to consider a proposal to allocate at least $200 billion held in unused reserves at the International Monetary Fund to deal with the adverse impact of the coronavirus on their economies.
Africa is currently staring at a pandemic response funding gap of approximately $100 billion annually over the next three years, according to initial estimates by the United Nations Economic Commission for Africa (Uneca).
