IMF’s $27 Billion Grant For Africa Will Help Boost Reserves

Akinwumi Adesina, President of the African Development Bank, has stated that the International Monetary Fund’s $650 billion Special Drawing Rights grant, which includes $27 billion for African countries, will help to improve poor countries’ reserves. On Thursday, he announced this in a closed-door meeting with German Chancellor Angela Merkel and chiefs of international development organizations. “The recent IMF release of $650 billion in SDRs, with $27 billion going to Africa, will go a long way in helping to boost reserves for developing countries,” Adesina said in a statement titled “International community must act to avert a two-speed global economic recovery […]