Africa needs more than the $33 billion that has been earmarked for the continent to support economies ravaged by the coronavirus, Ramaphosa said in an interview at the Qatar Economic Forum on Monday.
The IMF is preparing to give its member countries the biggest resource injection in its history - $650 billion - to boost global liquidity and help emerging and low-income nations deal with mounting debt and Covid-19. French President Emmanuel Macron has urged other rich countries to follow its example and commit to reallocating some of their so-called IMF special drawing rights to help boost’s Africa’s share.
Sub-Saharan Africa’s gross domestic product shrank 2.4% in 2020 and will likely only grow 2.8% this year, compared to a 7.7% expansion forecast in Asia and 3.9% in Europe, according to the World Bank. The United Nations Economic Commission estimates that Africa’s recovery from the pandemic will cost $400 billion.
"Without that support, Africa will forever be left behind," he said."We can get up and get going with our own boot straps, but we do need that lift and developed economies have a duty."The availability of additional funds would help accelerate Covid-19 vaccination programs in Africa, where countries have lacked the financial or organizational ability to negotiate their own supply deals with pharmaceutical companies.
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