{
  "title": "Opening Remarks at Mobilizing with Africa II High-Level Virtual Event",
  "publication": "IMF News, October 9, 2020",
  "sourceUrl": "https://www.imf.org/en/news/articles/2020/10/09/sp100920-opening-remarks-at-mobilizing-with-africa-ii-high-level-virtual",
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  "summary": "COVID-19 continues its assault on health and the economy in Africa.",
  "authors": [
    "Managing Director Kristalina Georgieva October"
  ],
  "publishDate": "2020-10-09",
  "sections": [
    {
      "heading": "Crisis overview",
      "content": "- COVID-19 continues its assault on health and the economy in Africa.\n- Key figures reported:\n  - \"more than a million cases.\"\n  - \"23,000 deaths confirmed; countless others unconfirmed.\"\n  - \"family incomes down 12 percent.\"\n  - \"up to 43 million more people are at risk of extreme poverty.\""
    },
    {
      "heading": "Progress made since the first Mobilizing with Africa meeting",
      "content": "- African policymakers acted swiftly under tight fiscal constraints.\n  - On average, they spent an additional \"2.5 percent of GDP\" on health and social programs.\n- International financial institutions provided fast-track support.\n  - The IMF provided \"around $26 billion.\"\n  - This amount is \"ten times more than our average annual lending in the previous decade.\"\n- Recent IMF operational steps:\n  - \"IMF Executive Board approved a six-month extension of higher access limits under our Rapid Credit Facility and Rapid Financing Instrument.\"\n  - \"six-month extension of debt relief for our poorest members under the Catastrophe Containment and Relief Trust.\"\n- Governance examples in recipient countries:\n  - \"Burkina Faso, the Gambia, and the Central African Republic have put in place admirable governance mechanisms to ensure the funds benefit their people as intended.\""
    },
    {
      "heading": "The financing challenge",
      "content": "- Africa faces substantial financing needs to build recovery:\n  - \"financing needs of $1.2 trillion through 2023.\"\n  - Current commitments from international financial institutions and official bilateral creditors are expected to fill \"less than a quarter of this need.\"\n  - With private capital subdued, there is a \"projected gap of over $345 billion through 2023\"—with \"nearly half this burden\" in Africa’s low-income countries.\n- Debt pressures:\n  - Some countries confront \"high debt burdens forcing them to choose between debt service and additional social and health spending.\""
    },
    {
      "heading": "Meeting the financing challenge — IMF commitments and policy actions",
      "content": "- Increase concessional lending capacity:\n  - Work with membership to \"further increase concessional lending capacity.\"\n  - Progress in \"replenishing the Poverty Reduction and Growth Trust.\"\n  - Engage members to \"temporarily lend us some of their SDRs to step up concessional lending.\"\n  - Call for \"new grant pledges to make it possible to increase concessional financing for low-income countries.\"\n- Support for countries with unsustainable debt:\n  - \"Support the extension of the G20’s Debt Service Suspension Initiative.\"\n  - \"Pursue restructuring on a case-by-case basis when necessary.\"\n  - Seek to \"mobilize the grant pledges needed for a third tranche\" by increasing the Catastrophe Containment and Relief Trust.\n- Prioritize support for policy makers:\n  - Use \"financial programs, surveillance, and capacity development programs.\"\n  - Encourage reforms and structural transformation underpinned by \"strong policies and institutions.\"\n  - Areas for improved public spending and reform:\n    - \"health\"\n    - \"education\"\n    - \"social protection\"\n    - \"digitalization\"\n    - \"infrastructure\"\n  - Support strategies to:\n    - \"strengthen public financial management\"\n    - \"ensure financial stability and inclusion\"\n    - \"boost trade\"\n    - \"eliminate barriers to private investments\"\n    - \"enhance growth and generate jobs for their youthful populations\"\n- Coordination:\n  - \"In all our activities we will work hand in hand with national authorities, regional institutions, and bilateral and multilateral partners.\""
    },
    {
      "heading": "Overarching message",
      "content": "- The pandemic is a global, border-transcending crisis: \"The pandemic does not respect national boundaries—we’re all climbing a mountain through a storm together, connected on one rope.\"\n- Mobilizing with Africa is presented as imperative: \"mobilizing with each other, mobilizing with Africa is not just the best choice. It is the one and only choice.\"\n\nOpening Remarks at Mobilizing with Africa II High-Level Virtual Event — By Managing Director Kristalina Georgieva, October 9, 2020.\n\n---\n\n Content in this bundle\n\n- Microsoft Word - Background Note for Mobilizing with Africa II\n  - Microsoft Word - Background Note for Mobilizing with Africa II (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Microsoft Word - Background Note for Mobilizing with Africa II (PDF){rel=\"external\" type=\"application/pdf\"}\n- Background Note for Mobilizing with Africa\n  - Background Note for Mobilizing with Africa (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Background Note for Mobilizing with Africa (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva\n- Central African Republic and the IMF\n- Speeches\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2020/10/09/sp100920-opening-remarks-at-mobilizing-with-africa-ii-high-level-virtual"
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    "Authors: Managing Director Kristalina Georgieva October",
    "Published: October 9, 2020",
    "COVID-19 continues its assault on health and the economy in Africa.",
    "Key figures reported:",
    "African policymakers acted swiftly under tight fiscal constraints.",
    "International financial institutions provided fast-track support.",
    "Recent IMF operational steps:",
    "Governance examples in recipient countries:",
    "Africa faces substantial financing needs to build recovery:",
    "Debt pressures:",
    "Increase concessional lending capacity:",
    "Support for countries with unsustainable debt:",
    "Prioritize support for policy makers:",
    "Coordination:",
    "The pandemic is a global, border-transcending crisis: \"The pandemic does not respect national boundaries—we’re all climbing a mountain through a storm together, connected on one rope.\"",
    "Mobilizing with Africa is presented as imperative: \"mobilizing with each other, mobilizing with Africa is not just the best choice. It is the one and only choice.\"",
    "**Microsoft Word - Background Note for Mobilizing with Africa II**",
    "**Background Note for Mobilizing with Africa**",
    "[https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva](https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva)",
    "[Central African Republic and the IMF](http://www.imf.org/external/country/CAF/index.htm)",
    "[Speeches](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
  ],
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