Global Response Newsfeed

IMF Executive Board Completes Fourth Review Under the Extended Credit Facility Arrangement and Approves US$23.5 Million Disbursement for Guinea

“While performance under the Fund-supported program remains broadly satisfactory, Guinea faces significant downside risks related to COVID-19 pandemic. The Fund will remain closely engaged with the Guinean country authorities as the situation evolves, and as the authorities further develop their policy responses and financing needs change.”

via IMF

Communiqué – African Ministers of Finance – Immediate call for $100 Billion support and agreement the crisis is deep and recovery will take much longer

“The Ministers emphasized the heavy toll that the global economic slowdown will have on the African economy, with urgent need for fiscal stimulus to contain the crisis… They therefore called for the urgent and immediate release of the US$ 100 billion of which US$ 44 billion will go towards debt relief for all African countries.”

via UNECA

Motsepe Family and Associated Companies Pledge R1 Billion for Dealing with Coronavirus Pandemic and Related Challenges

“The Motsepe Family in partnership with companies and organisations that they are associated with, have pledged R1 billion to assist with the current Coronavirus (COVID-19) pandemic and its related challenges that are confronting South Africa and the African Continent.”

via Motsepe Foundation

South Africa Billionaire Motsepe Pledges $57 Million for Virus

“Billionaire Patrice Motsepe’s family and companies in which he has shareholding pledged to spend 1 billion rand ($57 million) on fighting the COVID-19 pandemic in South Africa.”

via Bloomberg

African Development Bank launches record breaking $3 billion “Fight COVID-19” Social Bond

“The African Development Bank has raised an exceptional $3 billion in a three-year bond to help alleviate the economic and social impact the COVID-19 pandemic will have on livelihoods and Africa’s economies… This is the largest dollar denominated Social Bond ever launched in international capital markets to date.”

via AfDB

Zimbabwe Billionaire Offers Fresh Support to Health-Care Workers

“The assistance includes protective clothing, cash, life and health insurance and transport for nurses and doctors. Workers will receive a cash benefit of Z$500 per day in the event they are hospitalized and a lump-sum benefit of Z$50,000 in the event of permanent disability or death from the virus, according to Ecosure General Manager Godwin Mashiri.”

via Bloomberg

IMF Enhances Debt Relief Trust to Enable Support for Eligible Low-Income Countries in the Wake of the COVID-19 Pandemic

“In direct response to the COVID-19 crisis the International Monetary Fund (IMF) Executive Board has adopted some immediate enhancements to its Catastrophe Containment and Relief Trust (CCRT) to enable the Fund to provide debt service relief for its poorest and most vulnerable members. The CCRT enables the IMF to deliver grants for debt relief benefitting eligible low-income countries.”

via IMF

Somalia to Receive Debt Relief under the Enhanced HIPC Initiative

“The International Monetary Fund (IMF) and the World Bank’s International Development Association have determined that Somalia has taken the necessary steps to begin receiving debt relief under the enhanced Heavily Indebted Poor Countries (HIPC) Initiative. Somalia is the 37th country to reach this milestone, known as the HIPC Decision Point.”

via IMF

Joint Statement from the World Bank Group and the International Monetary Fund Regarding A Call to Action on the Debt of IDA Countries

“With immediate effect—and consistent with national laws of the creditor countries—the World Bank Group and the International Monetary Fund call on all official bilateral creditors to suspend debt payments from IDA countries… This will help with IDA countries’ immediate liquidity needs to tackle challenges posed by the coronavirus outbreak.”

via World Bank Group

Global Partnership for Education announces US$8.8 million in funding to help UNICEF with COVID-19 response

“The Global Partnership for Education announced today a US$8.8 million contribution to UNICEF to help children and young people in 87 developing countries access learning opportunities during the COVID-19 pandemic… School closures in more than 156 countries have already disrupted learning and access to vital services for more than eight out of ten children and young people.”

via Global Partnership for Education