As per the International Monetary Fund, The economy and health departments have suffered miserably in Africa due to the Coronavirus making it in need of $1.2tn for the next three years.
IMF chief Kristalina Georgieva believes that Africa had suffered a lot due to the pandemic and countries across the world must help Africa in these dire times.
The World Food program predicted that by the end of this year, more than 26m people across the globe might suffer from acute hunger with 55% of the figure from Africa.
Overall Africa had much lesser infections and death as compared to other continents. However, recently in a report, World Bank wrote that approximately 43 million are subjected to the risk of extreme poverty due to the pandemic.
Africa started with little economic growth over the past few years, but Coronavirus has reversed the situation. According to the IMF thousands of people have lost their jobs and incomes have been reduced by 12%. Lockdown caused an immense impact on informal workers. Remittance and revenues from various exports have plunged.
Recently, many African governments came up with mitigation policies that have contributed to 2.5% of GDP.
International Monetary Fund contributed a total of $26bn to various African countries to help bridge up the substantial economical gap.However, even with so much assistance from private owners and rich countries, Africa’s economic conditions have not progressed.
IMF chief claims, although many countries are provided with funds yet they still face high debt burdens and there is no exemption provided.
Because of such circumstances, African authorities have urged to extend the G20 of debt repayments. They also demanded the availability of more funds.
More than 37000 people have died due to Coronavirus in Africa with 1.5 million confirmed cases.If these issues are not addressed immediately the consequences might end up in extreme hunger, violence, and political instability.
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