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5/18, 9:32 PM (Source: TeleTrader)
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Macron: Lifting vaccine patents allows Africa to produce shots

French President Emmanuel Macron stated on Tuesday that the Paris summit on Africa financing under the impact of the COVID-19 crisis agreed that lifting patents on coronavirus vaccines would allow African countries to manufacture their own jabs. Macron outlined a goal of vaccinating at least 40% of the continent's population by the end of 2021.

Among other set targets, the French President said wealthy countries need to reallocate $100 billion to Africa through the International Monetary Fund by October 2021. He also suggested considering how IMF gold reserves can be used to convince reluctant parties.

On the sidelines of the summit, Macron met with the head of IMF, Kristalina Georgieva, after the institution predicted Africa's financial shortfall needed for further development. The IMF warned in late 2020 that the financial gap can reach $290 billion by 2023.

Breaking the News / LH