Mboweni made the call in a virtual plenary session of the International Monetary and Finance Committee of the International Monetary Fund (IMF).  

"As indicated in the world economic outlook projections, sub-Saharan Africa economies will be severely impacted, registering the sharpest contraction in economic activity in two decades," he said.

"We are concerned about the weak health systems, elevated debt vulnerabilities, diminished policy space and inadequate social safety nets, that make the region vulnerable to the pandemic."

Mboweni said these constraints were exacerbated by the collapse of the oil price and other international commodity prices.

"In excess of $US100 billion is required to enable sub-Saharan Africa countries to respond sufficiently to combating the pandemic, including additional resources of around $US40 billion based on the kinetics of the pandemic."

He welcomed the IMF's decision earlier this week to issue grants to its 25 poorest members, most of them African nations, to allow them to cover their debt obligations while channeling their limited resources into health and other emergency measures.

"We also support the call by the IMF and the World Bank for a time-bound moratorium on debt service obligations, including to official bilateral creditors," he said. 

Mboweni called on the international community, for the sake of policy coordination and solidarity in the face of the pandemic, to facilitate the flow of medical supply to sub-Saharan countries.

South Africa has the greatest number of confirmed Covid-19 infections in Africa, with the health ministry giving the figure as 2,605 on Thursday. 

The South African Reserve Banks this week forecast that the local economy would contract by 6.1 percent this year as it contends with both the coronavirus crisis and the loss of its last remaining investment grade credit rating.

The government is expected to agree an economic rescue plan next week.

Mboweni urged the IMF to support economic recovery in the region, once nations began picking up the pieces after the epidemic has peaked.

"Going forward, we urge the fund to support economic recovery efforts and ensure a more resilient and sustainable global economy, once the urgency of the crisis abates," Mboweni said.

"Given the elevated risks and uncertainties related to the duration and path of the pandemic and attendant lockdowns, we urge the creditors under the New Arrangement to Borrow (NAB) and Bilateral Borrowing Agreements (BBA) to swiftly complete domestic ratification processes to ensure an adequately resourced IMF to perform its role at the centre of the global financial safety net."

African News Agency