Speaking in both his capacity as the outgoing chair of the African Union and the President of South Africa, Cyril Ramaphosa renewed his calls for urgent action by the International Monetary Fund to provide funds to developing countries by issuing new Special Drawing Rights (SDRs).
Ramaphosa joins a number of high-ranking African stakeholders who’ve issued similar appeals to the IMF, but have so far been largely ignored by the international financial institution. The problem is that without U.S. backing, the issuing of new SDRs just won’t happen.
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