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Africa needs more than $200 billion to respond to pandemic, U.N. chief says - Metro US

Africa needs more than $200 billion to respond to pandemic, U.N. chief says

Secretary General of UN Guterres speaks during a Security Council meeting about the situation in Syria at UN Headquarters in New York City

WASHINGTON (Reuters) – United Nations Secretary-General Antonio Guterres on Friday urged creditors to grant a debt standstill for all developing countries, not just the poorest, warning that many faced debt distress due to a global recession triggered by the coronavirus pandemic.

Guterres told a virtual conference on Africa hosted by the World Bank and International Monetary Fund that the continent needed more than $200 billion to respond to the pandemic and mitigate its economic impact.

To mobilize more resources, he said the IMF should allocate new Special Drawing Rights (SDRs), a step that has been opposed by the United States. An SDR allocation is akin to a central bank “printing” new money.

(Reporting by Andrea Shalal; Editing by Paul Simao)

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