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France, African leaders push to redirect $100 bln in IMF SDR reserves by October

France, African leaders push to redirect $100 bln in IMF SDR reserves by October

JOHN IRISH FRENCH President Emmanuel Macron said a summit in Paris on Africa financing had agreed to work towards persuading rich nations by October to reallocate $100 billion in IMF special drawing rights monetary reserves to African states. Impoverished African economies must not be left behind in the post-pandemic economic recovery and a substantial financial package is needed to provide much-needed economic stimulus, African and European leaders concluded at a summit in Paris. In the immediate term, that meant accelerating the COVID-19 vaccine rollout and creating the fiscal breathing room for African nations, which will face a spending shortfall of…
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