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Ramaphosa says access to concessional loans key to Africa’s recovery

‘Assess to concessional finance will remain crucial as countries rebuild their economies’.
President Cyril Ramaphosa. Image: GCIS

Access to loans on favourable terms will be crucial to Africa’s economic recovery from the COVID-19 pandemic, South Africa’s President Cyril Ramaphosa said on Saturday.

Ramaphosa, who is the outgoing chair of the African Union (AU), told the bloc’s summit that even though the International Monetary Fund (IMF) and the World Bank have deployed significant financial resources for the coronavirus outbreak response, more needed to be done.

“Assess to concessional finance will remain crucial as countries rebuild their economies,” Ramaphosa told the virtual summit.

“An injection of fresh resources by the IMF through reallocating and issuing new special drawing rights, with bias to the developing world, will correct the glaring inequality in fiscal stimulus measures between advanced economies and the rest of the world.”

Concessional loans generally offer terms that are more favourable to those available on the open market.

The precarious debt burdens of a number of African nations have worsened due to the economic fallout from the Covid-19 pandemic.

Among a population of 1.3 billion, Africa has so far reported more than 3.6 million coronavirus infections and over 94,000 deaths, according to a Reuters tally. South Africa has recorded the most infections of any African nation.

While wealthier nations push ahead with mass vaccination drives, only a few African countries have started vaccinations. The 55-member African Union hopes to see 60% of the continent’s population immunised in the next three years.

Ramaphosa said on Monday the AU has so far secured 1 billion vaccines, of which 700 million will come from the global COVAX facility, co-led by the World Health Organization, and 300 million had been facilitated by the African Vaccine Acquisition Task Team (AVATT).

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The “chair” has been a big disappointment as usual. Just all talk and the usual begging.

On the “continent” inequality is self inflicted by the terrible corrunpt leadership.

Measure the “inequality” between African political leadership (including political elite) and the rest of the population. THATS WHERE THE PROBLEM LIES.

The “chair” is a typical example of why Africa is what it is. He will forever go around begging and blaming others of Africa’s failure. It draws attention away from what the actual problem is.

Africans need to change their mindset and get rid of the scum they call their leaders.

The “chair” Hahahaaa.

TSK!!!!!

Like the chair knows anything

End of comments.

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