VATICAN: Africa Needs More Finances to Cushion Covid-19 Impact, Vatican Official to Money Lenders
Fr. Augusto Zampini Davies the leader of the Vatican COVID-19 Commission
Sr. Jecinter Antoinette Okoth, FSSA
Against the backdrop of Covid-19 crisis that has affected the continents globally Africa included, Vatican has appealed to World Bank and International Monetary Fund (IMF) to double its lending capacity and support Africa recover from its effects.
In a communique issued Monday, October 12, by Fr. Augusto Zampini Davies the leader of the Vatican Covid-19 Commission that was created by Pope Francis mid- April to support the human family through the pandemic, the Vatican official has asked the World Bank and IMF to support Africa overcome the economic impact of the pandemic.
“The World Bank and IMF are this week virtually holding their annual meeting and the Vatican today urges the IMF to double its lending capacity to $2.5 trillion and further allow European countries to lend their unused Special Drawing Rights (SDRs) to African countries and press the US to overcome its opposition to the issuance of new SDRs,” the communique sent to AMECEA Online reads in part.
According to Fr. Zampini who is also the Adjunct Secretary of the Vatican Dicastery for Promoting Integral Human Development (DPIHD), a department which is working in collaboration with Covid-19 Commission, “The Vatican’s urgent request is propelled by the certainty that even though not so hurt health wise by Covid-19, economically Africa is the worst hit continent by the Covid-19 shock.”
Additionally, the Vatican has also urged the IMF to assist Africa in its negotiations with China to relieve African economic distress exacerbated by Covid -19 through a continental approach and not on a country-by-country basis which is “inhibiting progress.”
After a Webinar on Fratelli Tutti organized by the Africa Task Force of the Vatican Covid-19 Commission on Wednesday, October 13, Fr. Zampini was quoted to have told the press that money lenders need to heed to the request of Africans for an “extended debt.”
“Lenders, both private and public, should pay attention to African finance ministers’ request for an extended debt standstill of two years, and a further request of $300 billion in new highly concessional financing, expanded access to credit, and debt cancellation,” he said and added “Admittedly, this is a great deal to ask for, but we highlight the urgency of the situation and rich nations, the IMF and World Bank should not delay what is urgent.”
He further explained that “The current state of affairs means African governments have no means to import necessary goods as they face foreign exchange shortages and more importantly they have no funds for financing essential services like health, education and social protection.”
Fr. Zampini reiterated Pope Francis concern that those who can change “things” in the world like rich nations, IMF and World Bank should do so and help Africa and other poorer nations as “Good Samaritans.”
