IMF says Africa faces fiscal gap of $44 bln to deal with pandemic

The International Monetary Fund on Friday called for rapid international support to help African countries respond to the unprecedented coronavirus pandemic that will cause a contraction of 1.25% in 2020, the worst reading on record.

IMF Managing Director Kristalina Georgieva told ministers, UN officials and others that the African continent lacked the resources and healthcare capacity to address the crisis, and needed at least $114 billion to cover urgent fiscal needs.

Even after international support, African countries faced a gap of around $44 billion, she told a conference entitled "Mobilizing with Africa" that took place during the spring meetings of the World Bank and IMF.