Of the $650bn generated by the IMF SDRs, "only $33bn is earmarked for African countries, which could be made available to them as early as September. Why such a small amount, a ‘drop in the bucket’ as Macky Sall put it?"
The summit aimed to find ways to boost the African economy. Emmanuel Macron, who received 21 heads of state and government from the continent, said the discussions had enabled the "launch of a profound dynamic". But the final results fall short of a 'New Deal' for Africa, as no re-allocation of IMF special drawing rights was agreed.
At the opening of the summit on financing of African economies, which was held in Paris on 18 May, Macron hammered out two words: ‘urgency’ and ‘ambition’ for the continent. A few hours later, when the time came to take stock of the situation, in front of the Eiffel Tower, it was a mixed bag of issues.
The aim was to come up with a unified response to the unprecedented economic shock presented by the Covid-19 pandemic and establish a vast recovery plan for the continent – sort of like an ‘African New Deal’, as the participants described it.