France summit to discuss how to boost economic recovery in Africa, minister said

French Economy and Finance Minister Bruno Le Maire attends a press conference for the launch of the Income Tax 2020 campaign at the Bercy Ministry of Finance in Paris, France, April 8, 2021 . REUTERS / Sarah Meyssonnier / File Photo

A May 18 summit in France will discuss how developing countries, particularly in Africa, can avoid falling behind as the global economy rebounds from the coronavirus pandemic, the French economy minister said on Friday. , Bruno Le Maire.

The International Monetary Fund has allocated $ 23 billion in direct financing to countries in sub-Saharan Africa, whose combined economy shrank 1.9% in 2020 – its worst contraction on record. Its recovery is expected to follow the rest of the world in 2020-25. Read more

The IMF money “will go directly to African economies so that you can also revive your economies and participate in the great global recovery,” Le Maire told reporters during a two-day visit to Côte d’Ivoire.

He said the summit would examine ways to support small and medium-sized businesses in the region, including through loan guarantees. According to the IMF, these companies have struggled to obtain finance amid the recession, which slashed employment by 8.5% and left 17 countries on the continent in or near debt distress.

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