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Egypt Coordinates With IMF, World Bank to Tackle Africa’s COVID-19 Debt Relief

April 18, 2020
A woman wearing a face mask walks nearby the Central Mosque in Lagos, Nigeria, Friday, March 20, 2020. The government banned all religious activities for four weeks following confirmation of coronavirus cases in the country. (AP Photo/Sunday Alamba)

Egypt’s Ministry of International Cooperation participated yesterday in the “Mobilization with Africa” video conference to prompt more action in supporting African countries amid the COVID-19 crisis. It comes in response to various calls by the World Bank Group President Malpass and the International Monetary Fund Managing Director Georgieva to suspend debt repayments in light of the economic crisis exacerbated by CVOID-19. The video conference convened the World Bank Group and the International Monetary Fund, as well as African leaders, bilateral partners, and multilateral institutions to outline policy plans for the effective use of resources. In a statement, the World Bank and the International Monetary Fund stated that the United Nations pledges its continued support to member states to tackle the spread of the novel virus, and confirmed their commitment to suspend debt service to member countries as of May in order to provide support to the poorest countries. The statement said that international institutions and development partners allocated up to 57 billion dollars in urgent support to Africa in 2020, including up to 18 billion dollars from both the IMF and the World Bank, in addition to support from the…


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