• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Economy

Africa: Finance ministers want rich nations to invest $30 billion of IMF cash on the Continent

4 years ago
in Economy, highlights, Home, home-news, latest News
2 min read
0 0
0
50
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Four African ministers have indicated that rich countries should reallocate at least $30 billion of new money from the International Monetary Fund (IMF) towards investments in Africa to support countries battling the effects of coronavirus and climate change.

The four Africans are finance ministers from Ghana, the Democratic Republic of Congo, Cote D’Ivoire and Nigeria.

In an open letter to the Group of 20 leading economies leaders, the finance ministers said all rich countries must increase support for poorer nations to support the Covid-19 vaccination drive.

The IMF has taken steps to implement a new $650 billion allocation – the largest ever – of its reserve currency, so-called Special Drawing Rights (SDRs). The process is expected to be completed in August.

“Make the IMF’s promised new issue of Special Drawing Rights available as soon as possible and define a clear path forward for their maximal re-allocation and on-lending,” the ministers wrote in the letter published on Friday.

“The urgency now is to accelerate the disbursement of these SDRs to forestall the current emerging market liquidity crisis devolving into an insolvency crisis,” they added.

The Covid-19 pandemic has affected nations’ economies globally, especially African countries, with Zambia, Chad and Ethiopia all seeking overhauls on their debt burdens.

RelatedPosts

Nestlé Donates Tricycles and Other Items to Kpone Landfill Waste Pickers Association

ADB Partners GRNMA to roll out Tailored Loan Scheme for Nurses and Midwives

President Mahama Rebuffs Claims of State Complicity in Illegal Mining

The new SDR allocation will offer some relief. However, the cash will be shared among its members based on their shareholdings which means rich ones will benefit most, with only 7% or $42 billion of the total going to the 44 poorer nations.

The letter, signed by Ghana’s Ken Ofori-Atta, Nigeria’s Zainab Shamsuna Ahmed, DRC’s Nicolas Kazadi and Cote d’Ivoire’s Adama Coulibaly, urged G20 leaders to lend at least $30 billion of that money to a new Liquidity and Sustainability Facility (LSF) and the African Stability Mechanism.

“(This would) catalyze investments to Africa, reduce the liquidity premia on sovereign bonds offered by middle-income countries and incentivize green and sustainability-linked investments,” the letter said.

Rich countries also needed to boost their support for vaccination campaigns against coronavirus.

“In June alone, there was a 290 million shortfall in vaccine supply. We really need 1 billion doses donated in the next few months.”

G20 finance chiefs, who will meet on Friday and Saturday in Venice, have on their agenda a recommendation to find ways to ensure a significant part of the $650 billion goes to countries most in need.

Source: businessinsiderafrica
Via: norvanreports
Tags: $30 billion of IMF cashCote D'Ivoire and Nigeria.Finance ministersghanathe Democratic Republic of Congo
No Result
View All Result

Highlights

Illegal Mining: Attorney General to Repeal L.I. 2462 With L.I. 2501

Galamsey: President Mahama Says he Declare State of Emergency if National Security Council Recommends it

Nestlé Cerelac – The Number One Baby Food Celebrates Milestone

MAGGI Celebrates Culinary Creativity with Successful Double Chop Promotion in Ghana

Ivory Coast Grants 11 new Mining Permits to Boost Exploration

Ecobank Exits Mozambique with Completion of FDH Bank Takeover

Trending

Features

Nestlé Donates Tricycles and Other Items to Kpone Landfill Waste Pickers Association

October 3, 2025

Nestlé Donates Tricycles and Other Items to Kpone Landfill Waste Pickers Association Nestlé Ghana Ltd has donated...

ADB Partners GRNMA to roll out Tailored Loan Scheme for Nurses and Midwives

October 3, 2025

President Mahama Rebuffs Claims of State Complicity in Illegal Mining

October 3, 2025

Illegal Mining: Attorney General to Repeal L.I. 2462 With L.I. 2501

October 3, 2025

Galamsey: President Mahama Says he Declare State of Emergency if National Security Council Recommends it

October 3, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.