(Ecofin Agency) - The President of the World Bank Group, David Malpass (pictured), has urged G-20 countries to suspend bilateral debt repayment for the poorest countries. The announcement was made on March 23 during the G20 Finance Ministers' Conference on the Covid-19.
“The Coronavirus crisis will likely hit hardest against the poorest and most vulnerable countries. Many were already in a difficult debt situation, leaving no space for an appropriate health and economic response [...] however, we cannot have IDA resources go to pay creditors,” he said, urging the Group of Twenty to act with immediate effect to allow the poorest to concentrate their resources on fighting the pandemic.
“I’m calling on the G20 leaders to allow the poorest countries to suspend all repayments of official bilateral credit, until the World Bank and the IMF (International Monetary Fund) have made a full assessment of their reconstruction and financing needs,” the World Bank’s President concluded.
André Chadrak
The African Development Bank has approved a $304 million loan to Botswana to support the southe...
BRVM and Africa50 signed a deal to create new infrastructure financing tools The plan inclu...
The Economic Community of West African States (ECOWAS) parliamentarians met in Lomé from May 6 to 9,...
Nigeria’s audit industry grew 65% in 2024, reaching 28.2 billion naira ($14.4 million). KPMG, EY,...
Africa’s digital economy is growing rapidly, and the demand for data storage, processing power, and ...
• Senegal's fixed broadband subscribers grew from 177,363 to 747,163 between 2020 and 2024• Fibre now leads over FWA and ADSL in fixed connectivity, with...
• Vodacom aims to grow mobile financial service users from 88 million to 120 million• Vision 2030 strategy centers on expanding M-Pesa and VodaPay across...
• Benin and Qatar discuss plans for a direct air route to boost trade and tourism• Potential partnership with Qatar Airways may lead to new carrier,...
• Nigeria sees a rise in cocoa-related investments as global prices remain high• New projects aim to boost production and build large-scale plantations• A...
Marojejy National Park, located in northeastern Madagascar, is one of the island’s most pristine and spectacular natural treasures. Nestled in the Sava...
Located about 3 km (1.8 miles) off the coast of Dakar, Senegal’s capital, Gorée Island is one of the most emblematic historical sites in West Africa....