{"id":4122,"date":"2021-02-09T00:09:21","date_gmt":"2021-02-09T00:09:21","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/?p=4122"},"modified":"2021-02-08T18:39:33","modified_gmt":"2021-02-08T18:39:33","slug":"more-needs-to-be-done-in-terms-of-loans-for-africa-says-sas-ramaphosa","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/more-needs-to-be-done-in-terms-of-loans-for-africa-says-sas-ramaphosa","title":{"rendered":"More needs to be done in terms of loans for Africa, says SA\u2019s Ramaphosa"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong><a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a> &#8211; <a href=\"https:\/\/www.africa-press.net\/south-africa\">South-Africa<\/a>. <\/strong><\/span>JOHANNESBURG &#8211; ACCESS to loans on favourable terms will be crucial to Africa\u2019s economic recovery from the Covid-19 pandemic, South Africa\u2019s President Cyril Ramaphsa said on Saturday.<\/p>\n<p>Ramaphosa, who is the outgoing chair of the African Union (AU), told the bloc\u2019s summit that even though the International Monetary Fund (IMF) and the World Bank have deployed significant financial resources for the coronavirus outbreak response, more needed to be done.<\/p>\n<p>\u201cAssess to concessional finance will remain crucial as countries rebuild their economies,\u201d Ramaphosa told the virtual summit.<\/p>\n<p>\u201cAn injection of fresh resources by the IMF through reallocating and issuing new special drawing rights, with bias to the developing world, will correct the glaring inequality in fiscal stimulus measures between advanced economies and the rest of the world.\u201d<\/p>\n<p>Concessional loans generally offer terms that are more favourable to those available on the open market. The precarious debt burdens of a number of African nations have worsened due to the economic fallout from the Covid-19 pandemic.<\/p>\n<p>Among a population of 1.3 billion, Africa has so far reported more than 3.6 million coronavirus infections and more than 94 000 deaths, according to a Reuters tally. South Africa has recorded the most infections of any African nation. While wealthier nations push ahead with mass vaccination drives, only a few African countries have started vaccinations.<\/p>\n<p>The 55-member African Union hopes to see 60 percent of the continent\u2019s population immunised in the next three years. Ramaphosa said that the AU has so far secured 1 billion vaccines, of which 700 million will come from the global Covax facility, co-led by the World Health Organization, and 300 million had been facilitated by the African Vaccine Acquisition Task Team.<\/p>\n<p><b>REUTERS<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; South-Africa. JOHANNESBURG &#8211; ACCESS to loans on favourable terms will be crucial to Africa\u2019s economic recovery from the Covid-19 pandemic, South Africa\u2019s President Cyril Ramaphsa said on Saturday. Ramaphosa, who is the outgoing chair of the African Union (AU), told the bloc\u2019s summit that even though the International Monetary Fund (IMF) and the [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":4121,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,8],"tags":[274,315,275],"class_list":["post-4122","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>More needs to be done in terms of loans for Africa, says SA\u2019s Ramaphosa - South Africa<\/title>\n<meta name=\"description\" content=\"JOHANNESBURG - ACCESS to loans on favourable terms will be crucial to Africa\u2019s economic recovery from the Covid-19 pande ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/more-needs-to-be-done-in-terms-of-loans-for-africa-says-sas-ramaphosa\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"More needs to be done in terms of loans for Africa, says SA\u2019s Ramaphosa\" \/>\n<meta property=\"og:description\" content=\"JOHANNESBURG - 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