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Of the more than $110 billion in additional funding that sub-Saharan Africa will need this year to fight the coronavirus pandemic, $44 billion has not been financed yet even after several countries have taken up emergency loans and debt-service relief initiatives, according to theInternational Monetary Fund.
The funding needs persist despite the IMF approving debt-service relief for 21 sub-Saharan African countries for an initial six-month phase ending mid-October and a Debt Service Suspension Initiative by the Group of 20 leading economies that waived up to $14 billion in payments for the world’s poorest countries — most of them in Africa — until December, the lender said Monday in a regional economic outlook update.
The lender has disbursed $10.1 billion through emergency facilities or augmented existing arrangements to 29 sub-Saharan African countries, it said. More international support is urgently required for the region to overcome the crisis and return to sustainable growth, according to the IMF.
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