Sub-Saharan Africa will need hundreds of billions of dollars and reforms that bring change for a resilient recovery from the damage wrought by the coronavirus pandemic, according to the International Monetary Fund (IMF). Support from the international community that includes stepped-up debt relief, financing and capacity development will be needed, Managing Director Kristalina Georgieva and Abebe Aemro Selassie, the director of the lender’s Africa department, said Tuesday in a blog post.
The IMF has approved more than $15 billion in financial assistance and debt-service relief to sub-Saharan African countries to offset the impact of the pandemic and “certainly will be doing more in the years ahead,” they said. The regional economy will probably contract by 3.2 per cent this year, before rebounding to grow by 3.4 per cent in 2021, the IMF said in its World Economic Outlook published in June. In addition to assistance from multilateral lenders, many African