African leaders from left, President of Zimbabwe, Robert Mugabe, King Mswati III of Swaziland, Thabo Mbeki, of South Africa, Morgan Tsvangirai, new Prime Minster of Zimbabwe, Jakaya Kikwete of Tanzania , Armando Gebuza of Mozambique and Namibian President Hafikepunye Pohamba at the signing of the power sharing deal between President Robert Mugabe and Morgan Tsvangirai in Harare Monday, Sept, 15, 2008. Thousands of supporters of Zimbabwe's rival political parties pressed into the compound where their leaders just signed an historic power-sharing deal to cheer the leaders. Police first tried to keep out the crowds Monday, firing warning shots and using riot dogs. But that became impossible once the gates had been pushed in, and the crowds calmed once they were inside. (AP Photo/Tsvangirayi Mukwazhi)

African leaders to plead for financial aid from World Bank

On Jul 16, 2021

African leaders gathered in Abidjan, Ivory Coast to plead with the World Bank for new aid plans to finance their economic recovery and better access to vaccines against Covid-19.

The leaders are seeking $100 billion for a pivotal World Bank fund that provides assistance to the lowest-income nations, as the COVID-19 pandemic continues to pile up financing pressures on economies. 23 African leaders set the goal in a joint declaration after the summit according to the World Bank.

The bank in April had accelerated its process for the twentieth replenishment of the International Development Association also known as the IDA after the fund provided massive assistance to help countries deal with the COVID-19 pandemic.

IDA is one of the largest sources of funding for fighting extreme poverty in the world’s lowest-income countries and Africa is the continent with the most beneficiaries having 39 countries on the list.

“Much remains to be done to overcome this crisis which, as we are seeing these days, is global with several cycles. Indeed, less than 3% of the total population of Africa has received the first dose of vaccines compared to about 54% in the US and the EU,” Ivorian President Alassane Ouattara said.

Ouattara noted that this $100 billion would be the largest amount raised in IDA’s history. The previous was $82 billion. Chairman of the AU Commission Moussa Faki, echoed the importance of debt restructuring. “We will never tire of calling for urgent debt restructuring accompanied by a bold policy that goes beyond special entitlements to alleviate the pressing need for immediate cash for vaccine purchases and to lay the foundations for economic recovery,” Faki said.

The world bank says as African countries grapple with the devastating impacts of the COVID-19 pandemic, continued support, particularly from IDA, is critical to help them meet their financing needs. The bank aims to complete this round of recapitalization by December.

Suzan O/AFN

African leaders World Bank