Posts

A Progress Report by the UN’s Vera Songwe on the Status of African Debt Relief (podcast)

by

“Economic conditions in a number of African countries are worsening by the day. Lockdowns and a plummet in global commodity prices brought on by the COVID-19 pandemic have led to severe economic repercussions across the continent. At the same time, Africa’s estimated $400 billion of debt is weighing on policymakers’ ability to devote more resources to combat the worsening public health crisis in their countries.”

Read more
via The Africa China Project

Coronavirus: Africa will be the next epicentre, WHO

by

“There have been almost 1,000 deaths and almost 19,000 infections across Africa, so far much lower rates than in parts of Europe and the US. The UN Economic Commission for Africa – which warned 300,000 could die – called for a $100bn safety net for the continent, including halting external debt payments.”

Read more
via Ghanaian Times

Without adequate protection, estimates show that over 300,000 Africans could lose their lives due to COVID-19: ECA report

by

“Anywhere between 300,000 and 3.3 million African people could lose their lives as a direct result of COVID-19… The impact on African economies could be the slowing of growth to 1.8 percent in the best-case scenario or a contraction of 2.6 percent… This has the potential to push 27 million people into extreme poverty.”

Read more
via UNECA

COVID-19: UNECA report highlights devastating results in a worst-case scenario

by

“In a report to be released later this week, the UN Economic Commission for Africa (UNECA) outlines different scenarios and outcomes as well as the impact the COVID-19 pandemic has had across the continent. The detailed report estimates 300,000 deaths in a best case scenario and 3 million in a worst.”

Read more
via African Business

African Ministers Outline Responses to COVID-19, Identify Needs to IFIs

by

“African Ministers of Finance have released recommendations on five issues related to the COVID-19 pandemic, and shared a report with the heads of the World Bank, the IMF, and the European Central Bank. Meanwhile, the UNECA called on the G20 to support Africa in addressing the pandemic.”

Read more
via SDG Knowledge Hub

COVID-19: International organisations pledge funds to Africa

by

“Experts are already saying that the impact of the current COVID-19 pandemic will be a lot deeper than during the last global economic shock following the financial crisis of 2008 and will require bolder, rapid and bigger action to avert a prolonged downturn. A number of African and international organisations have already made pledges and offered lines of finance.”

Read more
via African Business Magazine

Trade Policies for Africa to Tackle COVID-19

by

“Initial ECA estimates suggest Africa will face an immediate decline in GDP growth from 3.2% to 1.8% in 2020 as a result of COVID-19, but with a further adverse impact if COVID-19 is not contained in the short-term. Trade is a significant conduit for this negative impact through three transmission channels.”

Read more
via UNECA