Africa needs more than $200 billion to respond to pandemic, U.N. chief says

U.N. Secretary General Antonio Guterres makes a statement at U.N. headquarters in New York City, New York, US on September 23, 2019. (REUTERS File Photo)

WASHINGTON, April 17 (Reuters): United Nations Secretary-General Antonio Guterres on Friday urged creditors to grant a debt standstill for all developing countries, not just the poorest, warning that many faced debt distress due to a global recession triggered by the coronavirus pandemic.

Guterres told a virtual conference on Africa hosted by the World Bank and International Monetary Fund that the continent needed more than $200 billion to respond to the pandemic and mitigate its economic impact.

To mobilize more resources, he said the IMF should allocate new Special Drawing Rights (SDRs), a step that has been opposed by the United States. An SDR allocation is akin to a central bank "printing" new money.