IMF: "Additional 54 Trillion Won Needed to Support Africa's COVID-19 Response"

[Asia Economy Reporter Dongwoo Lee] The International Monetary Fund (IMF) and the World Bank (WB) have projected that hundreds of billions of dollars in additional support will be needed for Africa's response to the novel coronavirus disease (COVID-19).

According to major foreign media including AFP on the 17th (local time), the IMF and WB stated in a joint statement that official creditors, including themselves, have provided $57 billion (approximately 69 trillion KRW) and private funds $13 billion (approximately 16 trillion KRW) respectively to ease Africa's debt burden, but this is insufficient.

The statement estimated that Africa will need $114 billion (approximately 139 trillion KRW) this year to fight COVID-19, explaining that there is a shortfall of $44 billion (approximately 54 trillion KRW).

The statement pointed out that if the health shock in Africa worsens, lockdown policies will be extended, which will slow economic recovery and effectively increase costs.

It is estimated that if only 10% of Africa's 1.3 billion population becomes infected with COVID-19, $36 billion (approximately 44 trillion KRW) will be required. The IMF forecasted that Africa's gross domestic product (GDP) will decrease by 1.6% this year, calling it "the worst result on record."

According to AFP, as of this date, Africa has 19,334 confirmed COVID-19 cases and over 1,000 deaths.

This content was produced with the assistance of AI translation services.