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New IMF allocation’ll boost Nigeria, others’ reserves – AfDB

The President of the African Development Bank, Akinwumi Adesina, has said the International Monetary Fund’s Special Drawing Rights allocation of $650bn, which includes $27bn to African countries, will help to boost the reserves of developing countries.

 He said this during a closed-door session between German Chancellor Angela Merkel and heads of international development institutions,

The AfDB, in a statement titled ‘International community must act to avert a two-speed global economic recovery post Covid-19’, quoted Adesina as saying, “The recent IMF release of $650bn in SDRs, with $27bn to Africa, will go a long way in helping to boost reserves for developing countries.”

  “If the developed countries reallocate $100bn of SDRs to Africa, as agreed at the Paris leaders meeting and by the G7, that will further support faster economic recovery in Africa.”

 The heads of international development institutions present at the closed-door session included the heads of AfDB, IMF, the World Trade Organization, the World Bank, the Organisation for Economic Cooperation and Development, and the International Labour Organization.

The German Chancellor, Angela Merkel, called on the IMF, G7 and World Bank to take measures in assisting lower and middle-income countries, create strategies to drive economic recovery from the Covid-19 crisis.

“We have noted that the recovery after the pandemic is a two-speed recovery, which is cause for concern,” she said.

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