“A solution to finance Africa’s commercial debt service could free up over $44bn of fiscal space for Africa in 2020, providing immediate liquidity to governments – a much needed immediate bridge to renewed growth for Africa and the global economy.”
“Following the publication of the Fitch rating report in which Seychelles has dropped two levels, from a BB rating with stable outlook to B+ with a stable outlook, Minister for Finance, Trade, Investment and Economic Planning Maurice Loustau-Lalanne yesterday said that even much worse was expected, on account of the economic implications of the COVID-19 pandemic on the domestic economy.”
“The Executive Board of the International Monetary Fund approved today Seychelles’ request for emergency financial assistance under the Rapid Financing Instrument equivalent to SDR 22.9 million (about US$31.2 million, or 100 percent of quota) to meet the country’s urgent balance of payment needs stemming from the COVID-19 pandemic.”
“In Africa’s case, the economic crisis actually preceded the health crisis because it started out in the advanced economies and also in China. Africa began to feel the effects before it started to register a significant number of cases on the continent.”
“Seychelles has a new quarantine centre situated on South East Island (Il-di-Swet), Pointe Larue and President Danny Faure visited the facility on Thursday morning. The facility, which belongs to the government of Seychelles and was used by the military force before, was renovated by the Green Island Construction Company (GICC) at the cost of R3.5 million.”
“On 27 April 2001, exactly 19 years ago today, African governments made an historic pledge to allocate at least 15% of their annual budgets to the health sector. This vow became known as the Abuja Declaration. As COVID-19 spreads and wreak havoc across the world, the question must be asked: What became of it?”
“But cautious optimism should be the watchword - some experts claim that the disease is secretly coiling its way through African societies and that when it raises itself to its full dreadful height, a nightmare could ensue.”
“The budget revision were made in line with the COVID-19 pandemic so as to allow the health department to better deal with the situation as well as to set up measures and policies for the inevitable economic impacts. With the global economy facing a recession, Seychelles has adopted measures to temporarily lessen the blow on businesses and individuals.”
“Sub-Saharan Africa is facing the twin challenges of surging COVID-19 infections and a packed electoral calendar. The region is expected to hold as many as 16 polls by the year’s end… African governments—similar to global counterparts, including the United States—will have to weigh the tradeoffs between public safety and democratic imperatives.”
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