{"id":22417,"date":"2021-02-11T21:27:44","date_gmt":"2021-02-11T21:27:44","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/?p=22417"},"modified":"2021-02-11T21:27:44","modified_gmt":"2021-02-11T21:27:44","slug":"african-ministers-meet-un-and-imf-chiefs-over-covid-19","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/economy\/african-ministers-meet-un-and-imf-chiefs-over-covid-19","title":{"rendered":"African ministers meet UN and IMF chiefs over Covid-19"},"content":{"rendered":"<p><strong>AfricaPress-Kenya:<\/strong> African ministers in charge of finance met with the UN Economic Commission for Africa Executive Secretary Vera Songwe, and International Monetary Fund (IMF) Managing Director Kristalina Georgieva to discuss an immediate economic response to the Covid-19 pandemic.<\/p>\n<p>\u201cDuring the virtual meeting, which was convened by the UNECA and IMF, the ministers were unanimous in their call for additional liquidity, Sh5.5 trillion ($500 billion) in Special Drawing Rights, better market access, more concessional resources and an extension in the Debt Service Suspension Initiative (DSSI), given the prolonged nature of the pandemic,\u201d noted UNECA statement.<\/p>\n<p>\u201cWe all know that the Covid-19 pandemic will persist for the next three years. Why are we extending the DSSI for six months and not 24 months?\u201d Ken Ofori-Atta, Ghana\u2019s Minister of Finance and Economic Planning, as saying during the recent meeting.<\/p>\n<p><strong>Covid effects<\/strong><\/p>\n<p>Ofori-Atta said the cascading effects of Covid-19 were \u201ca frightening thing for a finance minister to witness when they don\u2019t have the means to respond.\u201d<\/p>\n<p>On access to the markets, Egypt\u2019s Minister of Finance Mohamed Maait rooted for access to markets at affordable rates to ease access to essentials such as protective gears and food.<\/p>\n<p>Georgieva noted that the world stands to lose Sh100 trillion ($9 trillion) if only the rich get Covid-19 vaccines. He stressed that 40 per cent of this loss will be in advanced economies. Songwe said countries needed additional fiscal space and less austerity.<\/p>\n<p>The IMF chief called for bold and immediate action for response and recovery to reseZt African economies, adding that \u201cliquidity and financing is the bridge to vaccines and recovery.\u201d<\/p>\n<p>The meeting sought IMF support in forging a way out of the crisis by transforming existing liquidity instruments and easing market access to alleviate the debt burden and provide liquidity for the continent.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AfricaPress-Kenya: African ministers in charge of finance met with the UN Economic Commission for Africa Executive Secretary Vera Songwe, and International Monetary Fund (IMF) Managing Director Kristalina Georgieva to discuss an immediate economic response to the Covid-19 pandemic. \u201cDuring the virtual meeting, which was convened by the UNECA and IMF, the ministers were unanimous in [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":22414,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[7441,212],"class_list":["post-22417","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-uneca","tag-united-nations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - 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