Africa needs more than $200 billion to respond to pandemic, U.N. chief says

United Nations Secretary-General Antonio Guterres on Friday urged creditors to grant a debt standstill for all developing countries, not just the poorest, warning that many faced debt distress due to a

United Nations Secretary-General Antonio Guterres on Friday urged creditors to grant a debt standstill for all developing countries, not just the poorest, warning that many faced debt distress due to a global recession triggered by the coronavirus pandemic.

Guterres told a virtual conference on Africa hosted by the World Bank and International Monetary Fund (IMF) that the continent needed more than $200 billion to respond to the pandemic and mitigate its economic impact.

To mobilize more resources, he said the IMF should allocate new Special Drawing Rights (SDRs), a step that has been opposed by the United States. An SDR allocation is akin to a central bank “printing” new money.