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Some African leaders are raising their voices against rich countries’ unwillingness to share funds for their development. They complain that the West is quick to pour billions of dollars into Kiev, but do not always live up to its commitments to the continent
Some African leaders are raising their voices against rich countries’ unwillingness to share funds for their development. They complain that the West is quick to pour billions of dollars into Kyiv, but does not always live up to their commitments to the continent.
Earlier, at the last meeting of the International Monetary Fund and the World Bank in Washington in April, African countries expressed fears about double standards in terms of international aid. African diplomats maintain that the war in Ukraine exposed the true face of the great powers’ action towards the continent. According to them, much of the aid was going to Ukraine in the form of weapons. Kyiv’s GDP plummeted by 30% last year because of Russian aggression.
Ukraine has seen an influx of aid from all over the West. By 24 February, its allies had pledged just over €150 billion in aid, according to data compiled by the Kiel Institute for the World Economy (IfW). The new funding is expected to come after the international conference in London held to discuss the reconstruction of Ukraine, which is estimated at US$411 billion by the World Bank. As against this, sub-Saharan Africa, the main recipient of development aid, saw aid fall last year to US$ 29 billion (-8%). The aid to Ukraine soared to US$16 billion, compared with less than one billion a year earlier.
Read Also:
https://trendsnafrica.com/russia-ukraine-war-and-its-fallout-on-africa/
https://trendsnafrica.com/world-trade-to-be-affected-by-russia-ukraine-war-wto/
The rich countries are also being criticized for failing to honor their commitments, primarily the payment of US$100 billion a year promised in 2009 to combat climate change, and the recycling of US $100 billion in Special Drawing Rights (SDRs).
