Africa in Sh4.6tr Covid-19 shortfall

The World Bank and International Monetary Fund (IMF) said on Friday Africa needs $44 billion (Sh4.6 trillion) more to fight the coronavirus pandemic despite a freeze in debt payments for many countries and massive pledges of support.

The Washington-based lenders and other official creditors have already mobilised $57 billion (Sh6 trillion) to support healthcare and economic recovery in the world’s poorest continent, they said in a joint statement with African leaders, while private funds have given $13 billion (Sh1.4 trillion).

“This is an important start, but the continent needs an estimated $114 billion in 2020 in its fight against Covid-19, leaving a financing gap of around $44 billion,” the statement said.

Africa was high on the agenda during the IMF and World Bank spring meetings last week.

Experts fear the continent’s weak health systems will not be able to stop the spread of Covid-19 amid the combined effects of a slump in demand for minerals and tourism together with lockdowns to stem the contagion wallop economies.

The IMF expects Africa’s gross domestic product to shrink by 1.6 per cent in 2020, the worst result ever recorded.