{"id":44124,"date":"2021-05-25T14:51:58","date_gmt":"2021-05-25T14:51:58","guid":{"rendered":"http:\/\/watchdogplusmedia.com\/?p=44124"},"modified":"2021-05-25T14:52:04","modified_gmt":"2021-05-25T14:52:04","slug":"imf-to-provide-african-members-special-drawing-rights-of-650bn","status":"publish","type":"post","link":"https:\/\/watchdogplusmedia.com\/?p=44124","title":{"rendered":"IMF to provide African members special drawing rights of $650bn"},"content":{"rendered":"\n
\"IMF<\/figure>\n\n\n\n

The International Monetary Fund (IMF) is to offer African members special drawing rights for funds, as it stated that Africa will need double of $286 billion for the continent to get back to its post-COVID-19 performance after the pandemic disrupted its growth in 2020.<\/p>\n\n\n\n

Sub-saharan Africa had been dragged into recession by the virus breakout, leading to a contraction of -1.9%, which is the worst performance of African economy in recent years.<\/p>\n\n\n\n

The IMF said Africa will account for 3.2% out of its projected 6% global growth, and that the estimated growth for Africa is poor, as the continent is meant to outgrow the world at 7% to 10% if it is to meet its youthful populations\u2019 aspiration.<\/p>\n\n\n\n

This was stated in a document titled \u201cA PROPOSAL TO END THE\u00a0COVID-19<\/a>\u00a0PANDEMIC\u201d and seen by Ripples Nigeria, in which the IMF added that for Africa to become more prosperous and more secure, it needs to grow faster than the world \u2013 but this will cost no small amount.<\/p>\n\n\n\n\n\n

It was gathered that the price to adequately tackle COVID-19 is $285 billion within the next four years, with low-income countries in the continent needing about $135 billion of the fund.<\/p>\n\n\n\n

But to take it a step further in terms of catching up with wealthy countries of the world, Africa will need twice as much of $285 billion. It was gathered that development financing, which includes Grant\u2019s and concessional loans \u2013 from bilateral and multilateral bodies \u2013 will increase because exceptional measures are needed during exceptional times.<\/p>\n\n\n\n

The Kristalina Georgieva-led body said without increasing the debt burden of African members, IMF will approve an unprecedented new allocation of Special Drawing Rights of $650 billion.<\/p>\n\n\n\n

\u201cOnce approved, which we intend to achieve by the end of August, it will directly and immediately make about $33 billion available to our African members. It will boost their reserves and liquidity, without adding to their debt burden.\u201d IMF stated.<\/p>\n\n\n\n

Ripples<\/p>\n","protected":false},"excerpt":{"rendered":"

The International Monetary Fund (IMF) is to offer African members special drawing rights for funds, as it stated that Africa will need double of $286 billion for the continent to get back to its post-COVID-19 performance after the pandemic disrupted its growth in 2020. Sub-saharan Africa had been dragged into recession by the virus breakout, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_mi_skip_tracking":false},"categories":[1],"tags":[],"yoast_head":"\nIMF to provide African members special drawing rights of $650bn » WatchDog Plus Media<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/watchdogplusmedia.com\/?p=44124\" \/>\n<meta name=\"author\" content=\"Odofin\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/watchdogplusmedia.com\/?p=44124#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/watchdogplusmedia.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Uncategorized\",\"item\":\"https:\/\/watchdogplusmedia.com\/?cat=1\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"IMF to provide African members special drawing rights of $650bn\"}]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"IMF to provide African members special drawing rights of $650bn » WatchDog Plus Media","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/watchdogplusmedia.com\/?p=44124","author":"Odofin","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/watchdogplusmedia.com\/?p=44124#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/watchdogplusmedia.com\/"},{"@type":"ListItem","position":2,"name":"Uncategorized","item":"https:\/\/watchdogplusmedia.com\/?cat=1"},{"@type":"ListItem","position":3,"name":"IMF to provide African members special drawing rights of $650bn"}]}]}},"rttpg_featured_image_url":null,"rttpg_author":{"display_name":"Odofin","author_link":"https:\/\/watchdogplusmedia.com\/?author=2"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/watchdogplusmedia.com\/?cat=1\" rel=\"category\">Uncategorized<\/a>","rttpg_excerpt":"The International Monetary Fund (IMF) is to offer African members special drawing rights for funds, as it stated that Africa will need double of $286 billion for the continent to get back to its post-COVID-19 performance after the pandemic disrupted its growth in 2020. Sub-saharan Africa had been dragged into recession by the virus breakout,…","_links":{"self":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/44124"}],"collection":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=44124"}],"version-history":[{"count":-4,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/44124\/revisions"}],"wp:attachment":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=44124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=44124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=44124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}