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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 the International 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.
38,845 in U.S.Most new cases today
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