African leaders gathered in Paris on Tuesday for a summit dedicated to supporting the continent's financial recovery from the damage wrought by Covid-19.
French President Emmanuel Macron wants to discuss helping African countries deal with debt and find solutions to the economic crisis.
Kristalina Georgieva, managing director of the International Monetary Fund, said the summit sought to reverse the “dangerous divergence” between advanced economies and the developing world.
“We have to go back to the strong development Africa had before Covid, for Africa and for the rest of the world. We have to put our resources strongly behind growth and social improvement in Africa.”
Ms Georgieva said Africa’s economy was expected to grow only 3.2 per cent in 2021 compared to an average of six per cent for the rest of the world.
“We have to boost growth, public and private investment in Africa,” she said. “We can do that by mobilising financing from international organisations, from bilateral donors and of course from the countries themselves.”
Mr Macron said there was scope not only "to respond to urgent needs … but also to make from that situation an opportunity to tackle problems we've seen for a long time".
Congolese President Felix Tshisekedi, the current head of the African Union said that Covid-19 had “left our economies impoverished because we had to use all the means we had, the few means we had, to fight against the disease".
“This is a great opportunity for Africa,” he said.
The IMF said in late 2020 that Africa faced a $290 billion shortfall up to 2023 in money needed for future development.
French Finance Minister Bruno Le Maire said Africa “does not have the financial means today to relaunch its economy”.
In comments to RFI radio, he warned of the risk of a “great economic divergence between Africa, which would go backwards, while the United States, Europe and Asia recover strongly”.
Last month, Mr Macron said a failure to properly support the African continent would hamper economic progress and see a surge in migration.
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France to lend Sudan $1.5bn to clear IMF debt
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French President Emmanuel Macron arrives with Sudanese civil representatives at a session of the summit to support Sudan, at the Grand Palais Ephemere in Paris, France. EPA -
French President Emmanuel Macron welcomes Sudan's President Abdel Fattah Al-Burhan prior to an international conference on Sudan which aims to provide financing breathing room for its Prime Minister as he pursues economic reforms in Paris. AFP -
French President Emmanuel Macron welcomes Sudan's Prime Minister Abdalla Hamdok prior to an international conference on Sudan which aims to provide financing breathing room for its Prime Minister as he pursues economic reforms in Paris. AFP -
French President Emmanuel Macron, Sudan's Sovereign Council Chief General Abdel Fattah al-Burhan (L) and Sudan's Prime Minister Abdalla Hamdok react after a joint press conference during the International Conference in support of Sudan at the temporary Grand Palais in Paris. AFP -
French President Emmanuel Macron, center right, Sudan's Prime Minister Prime Minister of Sudan Abdallah Hamdok, center left, and Gen. Abdel-Fattah Burhan, head of Sudan's ruling sovereign council attend an international conference on Sudan in Paris. AP Photo -
French President Emmanuel Macron and his wife Brigitte Macron welcome President of the European Council Charles Michel and his wife Amelie Derbaudrenghien for a dinner with leaders of African states, at the Elysee Palace, in Paris. AP Photo -
French President Emmanuel Macron, center, Sudan's Prime Minister Prime Minister of Sudan Abdallah Hamdok, right, and Gen. Abdel-Fattah Burhan, head of Sudan's ruling sovereign council attend a session of the summit to support Sudan. AP Photo -
Gen .Abdel-Fattah Burhan, head of Sudan's ruling sovereign council speaks during a session of the summit to support Sudan. AP Photo -
World Trade Organisation (WTO) Director-General Mme Ngozi Okonjo-Iweala arrives for a dinner with French President Emmanuel Macron and leaders of African states and international organisations on the eve of a summit on aid for Africa, at Elysee Palace in Paris, France. Reuters -
Secretary General of Organisation Internationale de la Francophonie Louise Mushikiwabo, arrives for a dinner at the Elysee Presidential Palace in Paris, following an international conference on Sudan which aims to provide financing breathing room for its Prime Minister as he pursues economic reforms. AFP -
UNESCO Director General Audrey Azoulay arrives for a dinner at the Elysee Palace folowing a summit on the African Economy financing in Paris, France. EPA -
French President Emmanuel Macron and his wife Brigitte Macron welcomes Egyptian President Abdel Fattah el-Sissi, before a dinner at the Elysee Palace. EPA -
French President Emmanuel Macron and his wife Brigitte Macron welcomes Tunisia's President Kais Saied. EPA -
French President Emmanuel Macron welcomes Nigerian President Muhammadu Buhari for a dinner with leaders of African states and international organisations on the eve of a summit on aid for Africa, at Elysee Palace in Paris, France. Reuters -
France's President Emmanuel Macron welcomes Ethiopia's President Sahle-Work Zewde upon her arrival for a dinner at the Elysee Presidential Palace in Paris. AFP
