Developing world needs $3tln to deal with COVID-19 effects

United Nations (UN) Secretary-General, Antonio Guterres, says the developing world will need a total of $3 trillion in support to deal with the social and economic effects of the coronavirus (COVID-19).

He has called for a coordinated effort from developed countries to assist developing countries including those in Africa to cope with the severe economic and social effects of the coronavirus.

However, the UN leader says the health crisis is the most immediate and urgent need. South Africa has the largest number of people in Africa confirmed to have the coronavirus at 1170.

Gutteres says that the world needs to stand together.

“We need to mobilise according to our estimate. The whole of the developing world requires $30trillion of support from the IMF, World Bank, financial institutions, bilateral support in different ways guaranteeing the liquidity of the financial systems in countries like South Africa and many others. At the same time guaranteeing that those countries cannot also apply the social and the economic measured that’s their people require in this dramatic situation.”