IMF says Africa faces fiscal gap of $44 billion to deal with pandemic

The IMF logo is seen outside the headquarters building in Washington
FILE PHOTO: The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., as IMF Managing Director Christine Lagarde meets with Argentine Treasury Minister Nicolas Dujovne September 4, 2018. REUTERS/Yuri Gripas

April 17, 2020

WASHINGTON (Reuters) – The International Monetary Fund on Friday called for rapid international support to help African countries respond to the unprecedented coronavirus pandemic that will cause a contraction of 1.25% in 2020, the worst reading on record.

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

Even after international support, African countries faced a gap of around $44 billion, she told a conference entitled “Mobilizing with Africa” that took place during the spring meetings of the World Bank and IMF.

(Reporting by Andrea Shalal; Editing by Leslie Adler)

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