Africa: President Macron’s Paris Summit Seeks Billions to Revive African Economies and Fight Covid

The summit will deliberate on debt relief, IMF support to African countries and how to provide capital to the African private sector to support investments that would catalyse inclusive economic activity and create employment.

President Cyril Ramaphosa and several other African and world leaders will attend a high-level summit hosted by French President Emmanuel Macron in Paris on Tuesday to seek ways to inject billions more dollars into Africa’s efforts to defeat the Covid-19 pandemic and revive its economies.

World leaders have all but agreed already on the issuing of $650-billion in International Monetary Fund Special Drawing Rights (SDRs) — a kind of credit line — which would directly pump $34-billion into African economies. But Macron will try to persuade his fellow developed world leaders at Tuesday’s summit to reallocate a substantial part of their own SDRs to poorer countries, including those in Africa.

Other African presidents expected to attend in person or by video are those of Angola, Burkina Faso, Democratic Republic of the Congo, Côte d’Ivoire, Egypt, Ethiopia, Ghana, Kenya, Mali, Mauritania, Mozambique, Nigeria, Rwanda, Senegal, Sudan, Tanzania, Togo and Tunisia. The heads of the African Union Commission, the African Development Bank and the UN Economic Commission for…

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