African countries received less money from the IMF in 2022 than the European Union

UN Secretary-General António Guterres said that African countries received less money from the International Monetary Fund (IMF) in 2022 than European Union (EU) states. This situation, from his point of view, is absurd.

It indicates the need for reform of the global financial system, Guterres said. The UN Secretary General noted that last year the IMF placed $650 billion in SDRs (special drawing rights, the fund’s unit of account) to strengthen liquidity during the crisis. Of this amount, the EU countries received $160 billion, and African states – only $34 billion. About this writes TASS on Wednesday, May 3.

“We need deep reforms of the global financial system so that Africa is represented in it at the highest level, and the needs of developing countries are at the center of all political programs and decisions,” Guterres summed up.

In mid-February, it was reported that UN will provide $250 million to provide humanitarian assistance to those most in need around the world, including countries in Africa. Guterres noted that today 339 million people around the world are in need of humanitarian assistance. This is 25% more than last year.

As reported at the end of 2022, the EU will transfer €100 million to the IMF to reduce poverty in Africa, the Caribbean and the Pacific.

The International Monetary Fund is the leading organization for international cooperation in the monetary and financial sphere. Created in 1944 by decision of the Bretton Woods Conference. The main task of the IMF is to increase the stability of the global monetary and financial system.