Africa still needs R830 billion to fight pandemic: World Bank and IMF

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The World Bank and IMF said on Friday Africa needs $44 billion [R830 billion] more to fight the coronavirus pandemic despite a freeze in debt payments for many countries and massive pledges of support.

The Washington-based lenders and other official creditors have already mobilised $57 billion (R1 trillion) to support healthcare and economic recovery in the world’s poorest continent, they said in a joint statement with African leaders, while private funds have given $13 billion (R244 million).

“This is an important start, but the continent needs an estimated $114 billion (R2.1 trillion) in 2020 in its fight against COVID-19, leaving a financing gap of around $44 billion (R830 trillion),” the statement said.

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