Ramaphosa: Access to loans on favourable terms crucial for Africa amid pandemic

Ramaphosa gave his final address as the chairperson of the African Union (AU) on Saturday during the organisation’s virtual 34th Ordinary Session of the Assembly and Heads of States.

President Cyril Ramaphosa addressed the nation on 1 February 2021 on government's latest efforts to fight the COVID-19 pandemic. Picture: GCIS.

JOHANNESBURG - President Cyril Ramaphosa said access to loans on favourable terms will be crucial to Africa’s economic recovery from the COVID-19 pandemic.

Ramaphosa gave his final address as the chairperson of the African Union (AU) on Saturday during the organisation’s virtual 34th Ordinary Session of the Assembly and Heads of States.

The president told the bloc’s summit that even though the International Monetary Fund and the World Bank have deployed significant financial resources for the coronavirus outbreak response, more needed to be done.

“The IMF and World Bank have deployed significant financial resources for the COVID-19 response in our continent.”

Among a population of 1.3 billion, Africa has so far reported more than 3.6 million coronavirus infections and over 94,000 deaths.

The AU has so far secured 1 billion vaccines, of which 700 million will come from the global Covax facility.

The 55-member Union hopes to see 60% of the continent’s population immunised in the next three years.

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