Paris Summit Mobilises Finance, Vaccines For Africa 'New Deal'

Paris Summit Mobilises Finance, Vaccines For Africa 'New Deal'

French president calls for waiving COVID vaccine patents so Africa could begin producing its own jabs after talks with African leaders in Paris.

Andrew H. Sweet
  • There have been nearly 130,000 coronavirus deaths among African populations during the pandemic, compared with almost 3.4 million worldwide.
  • The signatories said they would now push for the rapid general allocation of $650bn worth of special drawing rights (SDRs) by the IMF to all its members, of which approximately $33bn would go to Africa.
  • SDRs are a reserve asset used to bolster the financial position of IMF members, based on a basket of currencies, which can be converted for much-needed dollars.
  • The United States has been pushing for such an IMF payout to counter the economic impact of COVID-19, including for low-income countries.

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