"The peculiarity of Africa is that it does not have the financial means today to protect and revive its economy like all the other continents have done," French Finance Minister Bruno Le Maire told RFI radio in May." World finance chiefs agreed in April to boost reserves (SDR) at the International Monetary Fund (IMF) by $650 billion and extend a debt-servicing freeze to help developing countries deal with the pandemic, although only $34 billion will be allocated to Africa. "France wants this to go much further by reallocating SDRs that are (scheduled) for developed countries," an official from the French presidency briefed reporters ahead of the summit." Macron has said he believes Africa needs a "New Deal" to give the continent a breath of fresh air. And today, he called on G7 nations to find an agreement as part of efforts to reallocate $100 billion in IMF Special Drawing Rights (SDR) to African states.
So how do we pay for the bailout? Macron told a news conference he would like the sale of gold reserves to help finance this planned aid for Africa. So is Macron about to join the hall of fame of infamous leaders selling gold at just the wrong time? Will the spotprice of Gold be affected as when Gordon Brown, UK Chancellor, sold gold in 1999? Or do you remember the effect of the sell of gold in 2016 by The Bank of Canada? Just look down at the grpah below.
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