Russia-Africa Summit: Paul Biya makes appeal for financial assistance from IMF, other institutions

In his address on day two of the second Russia-Africa Summit in St Petersburg, Cameroon’s President, Paul Biya, raised several problems that Africa and Cameroon, in particular, are facing while making an appeal for financial assistance.

During his speech on Friday, July, 28, Paul Biya said development problems in Africa are still very acute. He said the conflict in Ukraine has dealt a severe blow to Africa’s economic growth.

“The current crisis has further complicated the situation, and, like in the past, we hope that Russia will support us, in particular in finding financial resources.

“We would like for example, to appeal to the IMF and other financial institutions to resolve our problems,” Paul Biya said.

He noted that Russia has been promoting economic and humanitarian progress through their Universities which several Cameroonians are enrolled. He said he hopes the collaboration will reinforce cooperation between both countries.

According to the Cameroon president, the ties could equally help resolve several other issues including terrorism and other humanitarian crisis.

Vladimir Putin reassured African presidents that Russia is ready to strengthen its political and economic relationship with the continent. He said his country will maintain steady supplies of grain and other agricultural products to Africa, despite its withdrawal from a deal allowing grain shipments from Ukraine.

He lauded the initiative by some African leaders to mediate the conflict between Russia and Ukraine

Putin said he would closely analyze the peace proposal by the African leaders, but also added that “I believe it’s necessary to also talk to the other side”.

The 2023 Russia-Africa Summit which is seen as a move to woo African governments at a time when Russia is facing isolation, is said to have witnessed a drop in attendance. Only 17 heads of state turned up this year as compared to 43 in the first summit in 2019.