What are we waiting for? We must increase lending to the world's poorest now

Africa looks set for its worst recession in decades due to Covid. International banks needs to act fast - or pay the price later

The International Monetary Fund (IMF) predicts Africa will suffer its worst recession since the 1970s. For the first time since the 1990s, extreme poverty will increase. The annual death toll from HIV, tuberculosis and malaria is set to double. We also fear a near doubling in the number of people facing starvation. Many girls out of school will never go back. Life expectancy will fall.

All this will fuel grievances, and in their wake conflict, instability and refugee flows, all giving succour to extremist groups and terrorists. The consequences will reach far and last long. The Organisation for Economic Co-operation and Development and G20 nations will feel the blowback just as some start to see light at the end of the Covid tunnel.