Mahmoud Mohieldin, the Managing Director of the International Monetary Fund (IMF) and the World Bank Group's Senior Vice President for the 2030 Growth Agenda, reported on Tuesday that the shortage of reliable infrastructure is to blame for losses in African developmental projects.
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Mohieldin cautioned at the Aswan Summit for Sustainable Peace and Growth that 50-60 million African people are at risk of slipping into poverty and that 110 million children in Africa are experiencing poverty due to a lack of education.
According to the IMF managing director, FDI into Africa dropped by 20%; however, trade would rebound, with a huge trade disparity between low- and middle-income nations.
Furthermore, several African countries have benefited from the debt suspension program, with 39 out of 54 African countries deferring a sum of $25.3 billion in debt reduction, according to Mohieldin. Africa has been given 105.5 billion SDRs, according to him.
As reported by a leading daily, Mohieldin stressed, "Making the vaccine available is a necessity,"
As a result, the foreign official made a point, "There's a need to secure equal access to the vaccine, invest in delivery infrastructure and logistics, and deal with trade-related property rights challenges,"
Furthermore, Mohieldin claimed that green recovery requires investment in human resources, infrastructure, and systemic improvements.
the IMF director general stated, "investment in infrastructure and digital transformation can raise private investment by 10 percent."
"If you're serious about private investment, you have to invest in infrastructure," Mohieldin noted, adding, "We also shall not forget about building adequate cities."
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