African Finance Chiefs Urge G-20 to Speed Up Access to IMF Funds
- Continent needs financing to overcome fallout of pandemic
- Just 5% of new IMF special drawing rights earmarked for Africa
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Four African finance ministers urged the Group of 20 nations to pressure the International Monetary Fund to accelerate the disbursement of new loans the continent needs to overcome the economic devastation wrought by the coronavirus pandemic and avert an insolvency crisis.
“Timely, stable and sufficient long-term financing on fair terms for an inclusive and sustainable post-Covid recovery remains out of reach for many developing countries,” Nigerian Finance Minister Zainab Ahmed and her counterparts Ken Ofori-Atta of Ghana, Nicolas Kazadi of the Democratic Republic of Congo and Adama Coulibaly from Ivory Coast wrote in an op-ed published by Italy’s la Stampa newspaper on Friday.