AfDB-International community must act to avert a two-speed global economic recovery post Covid-19.

ENPNewswire-August 30, 2021--AfDB-International community must act to avert a two-speed global economic recovery post Covid-19

(C)2021 ENPublishing -

Release date- 27082021 - Heads of international development institutions held a closed-door session with German Chancellor Angela Merkel on Thursday to discuss the uneven global economic recovery, access to vaccines, and strategies to drive a recovery from the Covid-19 crisis.

Merkel was joined by the heads of the African Development Bank, World Trade Organization, the International Monetary Fund (IMF), the World Bank, the Organisation for Economic Cooperation and Development (OECD), and the International Labour Organization (ILO).

'We have noted that the recovery after the pandemic is a two-speed recovery, which is cause for concern,' Chancellor Merkel said.

The German leader added that the G7, IMF and World Bank continued to take measures to assist lower- and middle-income countries. She mentioned the IMF Special Drawing Rights and the importance of channeling them in a way that benefits the world's poorest countries.

Highlighting the IMF's projection of 6% global growth in 2021, IMF Managing Director Kristalina Georgieva said: 'The composition of the 6% is changing, with advanced economies broadly accelerating growth, whereas most emerging markets and developing economies are falling further behind. This is a dangerous divergence.'

The consequences of the disparity include continuing supply chain disruptions and the risk of giving up hard-won gains in development, which would fuel unrest and instability.

Georgieva concluded that vaccines remain the number one priority today. World Bank President David Malpass reiterated this. He said progress had been made under the African Vaccine Acquisition Trust (AVAT) initiative of the Africa Centres for Disease Control and Prevention, but that advanced economies still need to make doses available to the rest of the world.

On debt relief, Malpass said: 'I have actively advocated for more transparency with regard to debt, as...

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