IMF, World Bank urge action to cover Sh4.6 trillion gap in Africa

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 per cent in 2020, the worst reading on record.

IMF Managing Director Kristalina Georgieva told ministers, UN officials and others that the African continent lacked resources and healthcare capacity to address the crisis, and needed at least $114 billion (Sh12 trillion) to cover urgent fiscal needs.