Monday, June 5, 2023

Africa To Get $57 Billion From Official Creditors In 2020

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WASHINGTON – Africa To Get $57 Billion From Official Creditors In 2020. The International Monetary Fund and World Bank, on Friday, said that official creditors will give up to $57 billion in loans and grants for Africa in 2020. This will be to aid the continent’s response and recovery from the coronavirus pandemic.

According to details, the World Bank and IMF announced this in a joint statement after a videoconference with African leaders. It said that the total includes more than $18 billion from each of the two institutions. This will be for front line health services, support the poor and vulnerable and to keep economies afloat. The downturn caused by coronavirus is the worst economic downturn since the 1930s.

Businesses across the globe are shut down and more than a billion people are told to stay home to avoid spreading the virus. The International Monetary Fund has predicted the world would suffer its steepest downturn since the Great Depression this year.

The new coronavirus causes the respiratory illness COVID-19. It first emerged in the Chinese city of Wuhan late last year. So far it has infected more than 2 million people along with killing some 138,000 in 213 countries.

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