{
  "title": "Opening Remarks at High-Level Virtual Event on ‘Mobilizing with Africa’",
  "publication": "IMF News, April 17, 2020",
  "sourceUrl": "https://www.imf.org/en/news/articles/2020/04/17/sp041720-2020-spring-meetings-high-level-virtual-event-on-mobilizing-with-africa",
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  "summary": "As prepared for delivery by Kristalina Georgieva, IMF Managing Director, April 17, 2020.",
  "publishDate": "2020-04-17",
  "sections": [
    {
      "heading": "Context and purpose",
      "content": "- As prepared for delivery by Kristalina Georgieva, IMF Managing Director, April 17, 2020.\n- Aim: Work in partnership with Africa to bring more attention and more resources so the continent can overcome the COVID-19 crisis.\n- Emphasis on international solidarity and rapid action to address both the health emergency and its economic consequences."
    },
    {
      "heading": "Global and African economic outlook",
      "content": "- World Economic Outlook projection: \"the worst global downturn since the Great Depression.\"\n- For Africa: projected economic contraction of \"at least 1¼ percent this year\"—described as \"the worst reading on record.\"\n- Fiscal positions: Already weak fiscal positions will further deteriorate at a time when fiscal policy must be deployed to strengthen health systems and support vulnerable households and businesses.\n- Risk: Without rapid and adequate international support, the crisis \"threatens to reverse the continent’s development gains and damage prospects for years to come.\""
    },
    {
      "heading": "Estimated financing needs and gaps",
      "content": "- Fiscal financing needs for Africa for this year: \"at least $114 billion.\"\n- Gap remaining after decisive actions: \"US$44 billion.\""
    },
    {
      "heading": "IMF financing and operational response",
      "content": "- IMF mobilization target for Africa in 2020: \"upwards of US$18 billion for Africa in 2020.\"\n- Operational measures:\n  - Temporarily doubled access under IMF emergency facilities.\n  - Streamlined procedures to deliver rapid financial support.\n  - Responded to \"over 40 requests from our member countries in Africa.\"\n- Concessional lending efforts:\n  - Seeking to replenish the Poverty Reduction and Growth Trust with the objective to \"triple our concessional lending capacity for low-income countries.\"\n  - Membership response: commitments from Japan, France, the UK, Canada, Australia and several others \"take us to 70 percent of the resources needed for this goal.\""
    },
    {
      "heading": "Debt relief and creditor coordination",
      "content": "- Support for G-20 decision: Suspend debt service payments from IDA-eligible least developed countries to official bilateral creditors through \"end-2020.\"\n  - Number of IDA-eligible least developed countries in Africa referenced: \"39 countries in Africa.\"\n- Recognition of contributions: France, Germany, China, and Saudi Arabia helped advance the deal.\n- IMF instruments:\n  - Reformed the IMF’s Catastrophe and Containment Relief Trust to provide debt relief to the poorest members.\n  - Number of poorest IMF members in Africa seeking additional funds to extend relief: \"23 are in Africa.\"\n- Call to action: \"We call on private creditors to also be part of the solution.\"\n- Coordination note: \"Together with the World Bank, we will pay close attention to countries faced with high burdens of debt.\""
    },
    {
      "heading": "Policy guidance and opportunities",
      "content": "- IMF role: stepped up advice and knowledge-sharing on policies to address the crisis.\n- Policy priorities:\n  - Prioritize action to strengthen health services and protect the most vulnerable people and parts of the economy.\n- Opportunity framing: Encourage Africa to capitalize on opportunities presented by the crisis to become more competitive and to \"leap forward, for example, with e-governance and fintech.\""
    },
    {
      "heading": "Closing message",
      "content": "- Affirmation: \"Working with Africa, I have no doubt that we will overcome this crisis and ensure that Africa will become the most dynamic region in the 21st Century.\"\n\nSource: Opening Remarks at High-Level Virtual Event on ‘Mobilizing with Africa’, Kristalina Georgieva, April 17, 2020.\n\n---\n\n\n References\n\n- https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva\n- https://meetings.imf.org/en/2020/Spring\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2020/04/17/sp041720-2020-spring-meetings-high-level-virtual-event-on-mobilizing-with-africa"
    }
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    "Published: April 17, 2020",
    "As prepared for delivery by Kristalina Georgieva, IMF Managing Director, April 17, 2020.",
    "Aim: Work in partnership with Africa to bring more attention and more resources so the continent can overcome the COVID-19 crisis.",
    "Emphasis on international solidarity and rapid action to address both the health emergency and its economic consequences.",
    "World Economic Outlook projection: \"the worst global downturn since the Great Depression.\"",
    "For Africa: projected economic contraction of \"at least 1¼ percent this year\"—described as \"the worst reading on record.\"",
    "Fiscal positions: Already weak fiscal positions will further deteriorate at a time when fiscal policy must be deployed to strengthen health systems and support vulnerable households and businesses.",
    "Risk: Without rapid and adequate international support, the crisis \"threatens to reverse the continent’s development gains and damage prospects for years to come.\"",
    "Fiscal financing needs for Africa for this year: \"at least $114 billion.\"",
    "Gap remaining after decisive actions: \"US$44 billion.\"",
    "IMF mobilization target for Africa in 2020: \"upwards of US$18 billion for Africa in 2020.\"",
    "Operational measures:",
    "Concessional lending efforts:",
    "Support for G-20 decision: Suspend debt service payments from IDA-eligible least developed countries to official bilateral creditors through \"end-2020.\"",
    "Recognition of contributions: France, Germany, China, and Saudi Arabia helped advance the deal.",
    "IMF instruments:",
    "Call to action: \"We call on private creditors to also be part of the solution.\"",
    "Coordination note: \"Together with the World Bank, we will pay close attention to countries faced with high burdens of debt.\"",
    "IMF role: stepped up advice and knowledge-sharing on policies to address the crisis.",
    "Policy priorities:",
    "Opportunity framing: Encourage Africa to capitalize on opportunities presented by the crisis to become more competitive and to \"leap forward, for example, with e-governance and fintech.\"",
    "Affirmation: \"Working with Africa, I have no doubt that we will overcome this crisis and ensure that Africa will become the most dynamic region in the 21st Century.\"",
    "[https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva](https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva)",
    "[https://meetings.imf.org/en/2020/Spring](https://meetings.imf.org/en/2020/Spring)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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