Overall it is about $100 billion that the G20 countries have pledged to channel to African countries to address the crisis caused by the Covid-19 pandemic.

"We welcome the recent pledges of some $45 billion in donations as a step towards the total global goal of $100 billion in voluntary contributions to countries most in need," the leaders of the world's largest economies said in the draft final communiqué of the G20 summit, quoted by Agence France-Presse.

Special Drawing Rights (an international monetary instrument created by the IMF in 1969 to supplement the official reserves of member countries) are distributed according to each country's share in the IMF, i.e. the highest amount goes to the richest countries. This way, Africa would benefit from only $34 billion, which led some developed countries to propose reversing their share to the most vulnerable nations.

The G20 countries, which until now have never agreed on an amount to channel to developing countries, are following in the footsteps of the G7 leaders, who had already set a target of redistributing a total of $100 billion, particularly to the African continent.

Canada will therefore distribute 20% of its IMF-issued Special Drawing Rights to developing countries to support post-covid economic recovery, Finance Minister Chrystia Freeland announced during the summit in Rome.

It is known that France had also already committed itself to "redirect 20% of the amount received from the IMF to the African continent," according to the announcement made by President Emmanuel Macron.

"If all the major powers do as France has done, we will reach the goal of redistributing $100 billion to Africa," the French president is said to have declared at the time.

Source Lusa