Browsing: Global pandemic effectss

Last year Africa spent more money servicing debts than on the health issues of its public.   According to World Bank, Africa is home to the world’s highest number of heavily indebted poor countries owing a total of US$493.6 billion in long term debts. 

As the World Bank and IMF issue funding aid to help support Africa respond to the effects of COVID-19, countries including Tanzania and Rwanda have asked that the international community focus more on debt relief. 

The IMF issued a statement listing certain countries as being eligible for debt relief and asked others to state their case—to explain why they deserve debt relief. 

The Institute for International Finance, a club of some 450 banks and financial investment firms from across the globe, say they are working on temporarily suspending debt financing by the poorest countries, most of which are in Africa. 

 Also Read: Why high