WASHINGTON, Oct 13 ― The international community must do more to tackle the economic fallout of the Covid-19 crisis, the head of the International Monetary Fund (IMF) said yesterday, publicly calling on the World Bank to accelerate its lending to hard-hit African countries. Some of the key events...
Tuesday, 13 Oct 2020 07:50 AM MYT
Some of the key events of the virtual and elongated annual meetings of the IMF and World Bank take place this week, with the most pressing issue how to support struggling countries. The pandemic, a collapse in commodity prices and a plague of locusts have hit Africa particularly hard, putting 43 million more people at risk of extreme poverty, according to World Bank estimates. African states have reported more than 1 million coronavirus cases and some 23,000 deaths.
Pledges to the Fund's Poverty Reduction and Growth Trust, which supports low-income countries, have totaled US$21 billion to date, including US$14 billion in existing SDR holdings, but more resources were urgently needed, an IMF spokeswoman said.
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