## Opening Remarks at High-Level Virtual Event on ‘Mobilizing with Africa’

_IMF News, April 17, 2020_

## Source details

**Canonical URL:** [Opening Remarks at High-Level Virtual Event on ‘Mobilizing with Africa’](https://www.imf.org/en/news/articles/2020/04/17/sp041720-2020-spring-meetings-high-level-virtual-event-on-mobilizing-with-africa)

## Other formats

- [Markdown version](/en/news/articles/2020/04/17/sp041720-2020-spring-meetings-high-level-virtual-event-on-mobilizing-with-africa/index.md)
- [Structured JSON version](/en/news/articles/2020/04/17/sp041720-2020-spring-meetings-high-level-virtual-event-on-mobilizing-with-africa/index.json)
- [Bundle manifest](/en/news/articles/2020/04/17/sp041720-2020-spring-meetings-high-level-virtual-event-on-mobilizing-with-africa/bundle-manifest.json)

## Bibliographic details
- Published: April 17, 2020

---

### Context and purpose
- 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.

### Global and African economic outlook
- 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."

### Estimated financing needs and gaps
- Fiscal financing needs for Africa for this year: "at least $114 billion."
- Gap remaining after decisive actions: "US$44 billion."

### IMF financing and operational response
- IMF mobilization target for Africa in 2020: "upwards of US$18 billion for Africa in 2020."
- Operational measures:
  - Temporarily doubled access under IMF emergency facilities.
  - Streamlined procedures to deliver rapid financial support.
  - Responded to "over 40 requests from our member countries in Africa."
- Concessional lending efforts:
  - Seeking to replenish the Poverty Reduction and Growth Trust with the objective to "triple our concessional lending capacity for low-income countries."
  - 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."

### Debt relief and creditor coordination
- Support for G-20 decision: Suspend debt service payments from IDA-eligible least developed countries to official bilateral creditors through "end-2020."
  - Number of IDA-eligible least developed countries in Africa referenced: "39 countries in Africa."
- Recognition of contributions: France, Germany, China, and Saudi Arabia helped advance the deal.
- IMF instruments:
  - Reformed the IMF’s Catastrophe and Containment Relief Trust to provide debt relief to the poorest members.
  - Number of poorest IMF members in Africa seeking additional funds to extend relief: "23 are in Africa."
- 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."

### Policy guidance and opportunities
- IMF role: stepped up advice and knowledge-sharing on policies to address the crisis.
- Policy priorities:
  - Prioritize action to strengthen health services and protect the most vulnerable people and parts of the economy.
- 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."

### Closing message
- 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."

*Source: Opening Remarks at High-Level Virtual Event on ‘Mobilizing with Africa’, Kristalina Georgieva, April 17, 2020.*

---


## References

- [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)

_Source: https://www.imf.org/en/news/articles/2020/04/17/sp041720-2020-spring-meetings-high-level-virtual-event-on-mobilizing-with-africa_