IMF chief sees $345 billion financing gap for African states By Reuters

IMF chief sees $345 billion financing gap for African states

© Reuters. FILE PHOTO: IMF and World Bank hold Annual Meetings in Washington

WASHINGTON (Reuters) – African states need $1.2 trillion in financing through 2023 to grapple with the COVID-19 pandemic and its economic impact, International Monetary Fund Managing Director Kristalina Georgieva said on Friday.

The IMF chief said the region faced a financing gap of around $345 billion through 2023, with commitments from official bilateral lenders and international institutions covering less than a quarter of the projected needs and private capital still subdued.

Warning that the pandemic would not end anywhere unless it was addressed in regions like Africa, which has reported more than 1 million cases, Georgieva said it was imperative that all countries and institutions do more to help Africa cope with the crisis.

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