Africa 'needs $1.2tn' to recover coronavirus losses

In health terms, Africa was not seriously affected, but the economy has suffered

In the following three years, the International Monetary Fund said that both economic loss and health costs of coronavirus left Africa in need of 1,2 tons of dollars (£920 bn).

The world "must do something to help Africa in [recovering] ... from this crisis," IMF Leader Kristalina Georgieva said.

Africa has less than most other nations with Covid diseases and mortality.

Yet the World Bank says that an extra 43 million Africans face the pandemic of global poverty.

The economic effect has reversed the pattern of high development in Africa over the last years, as jobs have been destroyed and family revenue has dropped by 12%.

Why coronavirus in Africa was less lethal

Many African policymakers have placed in place mitigation policies that cost 2,5 percent of GDP to help offset this blow, she said.

'Schwierige Wahl'

African countries earned about 26 billion dollars from the IMF to reduce the effects, but there is still a major funding deprivation, also with the aid of private lenders and other countries.

"Some countries have to select between debt services and additional social and health expenses, requiring them to cope with large debt pressures" said the president of the IMF.

As an aid, she asked for the G20 moratorium on debt repayments to be expanded and required further funding for the loan.

More than 1.5 million recorded coronavirus disease cases have been registered in Africa, with about 37,000 deaths.

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