France has announced a supposed plan geared towards helping developing countries, especially those in Africa to redeem their economies from post-pandemic economic issues.
This was revealed by Bruno Le Maire, the French Minister for economy. According to him, a summit that France will hold on the 18th of May, 2021 will tackle the various means through which these countries can save their economies.
Even though there is a growing worry among African youths regarding excessive borrowing by leadership across the continent, especially from the IMF and the Chinese, some financial agreements have already been signed by African leaders.
Earlier reports have it that financial watchdog, the International Monetary Fund (IMF) has allocated $23 billion in direct financing to sub-Saharan Africa to help deal with its economic woes. According to reports, the collective GDP of sub-Saharan Africa contracted by 1.9% in the year 2020, a shift considered the worst on record.
According to Bruno Le Maire who was on a two-day visit to Ivory Coast, the fund from IMF “will go directly to African economies so you also can revive your economies and participate in the great global recovery.”
He revealed that the summit will include discussions on how to assist small and medium-sized businesses that have been hard hit by the pandemic but cannot secure funding. The plan, according to him – is to provide loans for such firms. Do you support this plan by the French government? Kindly express your views in the comment section.