Latest Developments

African Development Bank supports continental strategy on COVID-19 with US$27.33 million

“Awarded under three key components – technical assistance and capacity building, institutional support, and contribution to the African Union COVID-19 Response Fund – the grant is to support implementation of the Africa Joint Continental Strategy for COVID-19 Outbreak.”

via Africa CDC

In reversal, Kenya plans to defer $690 million in debt payments under G20 initiative

“Kenya has changed its mind about a G20 coronavirus debt relief initiative it declined to join earlier this year, and is now planning to defer around $690 million in debt payments, its finance minister told Reuters on Wednesday.”

via Reuters

A breakthrough in COVID-19 wastewater checks could speed up tests for informal settlements

“Countries around the world have been monitoring their sewer systems for COVID-19. But in sub-Saharan Africa, less than 10% of the population is connected to the sewer network. Instead of sampling sewers, South Africa’s Water Research Commission decided to look for COVID-19 RNA in three rivers and one surface runoff from an informal settlement in the province of Gauteng.”

via Quartz Africa

As Santam loses COVID-19 claims case, reinsurers call the shots

“A South African high court decision that the country’s largest general insurer Santam is liable for COVID-19 business interruption claims represents victory at a high cost. The danger is that the judgement will prompt reinsurers to force insurance companies to stop offering pandemic cover.”

via The Africa Report

Africa’s First Pandemic Default Tests New Effort to Ease Debt From China

“A new framework to resolve debt crises in developing countries, meant to ensure that Chinese and private creditors share the burden of providing relief, faces a key test after Zambia became the first African nation to default during the coronavirus pandemic.”

via Wall Street Journal

Derivatives committee asked to rule on Zambia debt non-payment

“A credit derivatives committee has been asked to rule whether a ‘failure to pay’ credit event has been triggered by Zambia, paving the way for a potential payout for holders of default insurance on the country’s sovereign debt.”

via Reuters

Derivatives committee asked to rule on Zambia debt non-payment

“A credit derivatives committee has been asked to rule whether a ‘failure to pay’ credit event has been triggered by Zambia, paving the way for a potential payout for holders of default insurance on the country’s sovereign debt.”

via Reuters

Zambia debt crisis just the ears of the hippopotamus in Africa’s perilous fiscal position

“Zambia’s debt crisis is part of a much bigger affliction facing many sub-Saharan African countries which have been sinking in sovereign debt since the financial crisis of 2008. Persistent systemic governance and economic challenges accompanied by external shocks have led to a rise in the continent’s indebtedness.”

via Daily Maverick

Eswatini’s premier tests positive for coronavirus

“Prime Minister Ambrose Mandvulo Dlamini has tested positive for the novel coronavirus, he announced on Sunday. ‘I wish to inform the Nation that I have tested positive for COVID-19,’ Dlamini said in a statement.”

via Anadolu Agency

Race is on to get Eastern Cape COVID-19 cases under control before festive season to prevent national spread

“Minister of Health Zweli Mkhize will visit the Eastern Cape this week, warning that the government is under pressure to get an outbreak of coronavirus infections in the province, and specifically in Nelson Mandela Bay, under control before it spreads to the rest of the country.”

via Daily Maverick