President Cyril Ramaphosa is pushing for African countries to receive substantial funding from the World Bank and International Monetary Fund (IMF) to aid recovery after the Covid-19 pandemic.
On Monday, he said $162.5bn (about R2.3 trillion) should be made available instead of the $33bn (about R462bn) which has been proposed from the “special drawing rights” which will be released to increase reserves of African countries.
Ramaphosa shared these sentiments in his weekly newsletter after attending a Paris Summit where African leaders discussed the finances of their countries.
“South Africa reiterated its support for a comprehensive and robust economic stimulus package for Africa to aid the recovery. But we said this should not be a substitute for official development aid.
“We welcomed the steps taken by financial institutions like the World Bank and IMF to support low- and middle-income countries, and called for further measures to support vulnerable countries. This would include an allocation by the IMF of what are known as special drawing rights, where on the basis of membership quotas, about $33bn will be released to increase the reserves of African countries,” he said