“There is a pressing need to resolve the question of private sector debt and reform the international architecture, so it can deal with debt crises. The Zambian case is the first African country to signal a private sector debt default, but it may not be the last.”
“COVID-19 has created significant disruptions to global value chains, through lockdown induced contractions in demand and supply, increased transport and transactions costs in foreign trade and growing use of export bans. Africa has been particularly exposed. The leading argument is that the pandemic has strengthened the case for developing intra-African regional value chains and unlocking the continent’s business potential.”
“Great uncertainties in particular surround the trajectory, exposure, impact and exit from the crisis in low-income countries – as well as high-income ones – especially as infections in the former mostly started later and are far less well reported.”
“Sub-Saharan Africa is facing at least a $100 billion balance of payment shortfall in 2020 compared with what was previously forecast. The coronavirus crisis is still unfolding, and impacts are only slowly becoming clearer. But there will be considerable declines in trade revenues and financial flows this year, as well as other effects”
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