https://en.sputniknews.africa/20230521/africa-got-8-times-less-imf-aid-than-g7-members-during-pandemic-un-chief-says-1059388129.html
Africa Got 8 Times Less IMF Aid Than G7 Members During Pandemic, UN Chief Says
Africa Got 8 Times Less IMF Aid Than G7 Members During Pandemic, UN Chief Says
Sputnik Africa
Africa has received $34 billion in aid from the IMF in recent years, which is 8 times less than the G7 countries, the UN Secretary-General Antonio Guterres has stated on May 21, while taking part in the G7 summit in Hiroshima.
2023-05-21T15:24+0200
2023-05-21T15:24+0200
2023-08-03T10:48+0200
united nations (un)
united nations security council (unsc)
antonio guterres
g7
sub-saharan africa
hiroshima summit
covid-19
north africa
international
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African nations have received one-eighth of the monetary aid from the IMF that G7 countries got, the UN Secretary-General Antonio Guterres revealed on May 21, while taking part in the G7 summit in Hiroshima.The UN chief also emphasized that the global financial system is anachronistic and needs to be reformed.He called for the reform of the Bretton Woods institutions, economic agreements drawing the main lines of the post-WWII international financial system.In addition, Guterres stated that more than half of the world is suffering from a deep financial crisis.According to him, in the world, 52 countries are either in technical default, or at high risk of default or face extremely expensive market financing. At the same time, middle-income countries are not eligible for concessional financing and do not have access to debt relief.Recently, the IMF provided a $3 billion bailout to deeply indebted Ghana. Commenting on the matter, Anne Abaho, a lecturer in international relations and security studies at Nkumba University in Uganda, told Sputnik that while such financial support is necessary, it "is not actually invested in human capital". What would really help change Africa's economic positions is financial help aimed at particular sectors, as well as a change in global trade policies involving Africa's improved access to international markets.
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africa has received, $34 billion aid, in aid, aid from the imf, in recent years, which is 8 times less, g7 countries, the un, the united nations, secretary-general, antonio guterres, has stated, on may 21, while taking part, in the, g7 summit in hiroshima, covid-19 pandemic, g7 summit, financial aid
africa has received, $34 billion aid, in aid, aid from the imf, in recent years, which is 8 times less, g7 countries, the un, the united nations, secretary-general, antonio guterres, has stated, on may 21, while taking part, in the, g7 summit in hiroshima, covid-19 pandemic, g7 summit, financial aid
Africa Got 8 Times Less IMF Aid Than G7 Members During Pandemic, UN Chief Says
15:24 21.05.2023 (Updated: 10:48 03.08.2023) Special drawing rights (SDR) are allocated to International Monetary Fund's (IMF) member countries in proportion to their share of the institution. This monetary instrument was created by the organization in 1969 in order to supplement the existing official reserves of member countries.
African nations have received one-eighth of the monetary aid from the IMF that G7 countries got, the UN Secretary-General Antonio Guterres revealed on May 21, while taking part in the G7 summit in Hiroshima.
"The IMF allocated 650 billion US dollars in Special Drawing Rights – or SDRs – during the [COVID-19] pandemic. The G7 countries, with a population of 772 million people, received 280 billion US dollars. The African continent, with 1.3 billion people, received only 34 billion US dollars," stated Guterres.
The UN chief also emphasized that the global financial system is anachronistic and needs to be
reformed.
"The global financial architecture became outdated, dysfunctional and unfair," the UN Secretary-General said.
He called for the reform of the Bretton Woods institutions, economic agreements drawing the main lines of the post-WWII international financial system.
"This [the disproportional money allocation] was done according to the rules [...], but from a moral point of view, there is something fundamentally wrong with the rules themselves," he said.
In addition, Guterres
stated that more than half of the world is suffering from a deep financial crisis.
According to him, in the world, 52 countries are either in technical default, or at high risk of default or face extremely expensive market financing. At the same time, middle-income countries are not eligible for concessional financing and do not have access to debt relief.
Recently, the IMF provided a $3 billion bailout to deeply indebted Ghana. Commenting on the matter, Anne Abaho, a lecturer in international relations and security studies at Nkumba University in Uganda,
told Sputnik that while such financial support is necessary, it "is not actually invested in human capital". What would really help change Africa's economic positions is financial help aimed at particular sectors, as well as a change in global trade policies involving Africa's improved access to international markets.
