News & Analysis: Multilaterals

Not waiting for a savior

“The picture of how successfully Africa has combated COVID-19 to date may be up for discussion, but the innovation and ingenuity demonstrated in the continent’s response to the pandemic deserves to be reflected in writing on the global response.”

via Africa is a Country

Conflict during COVID-19: Averting a legitimacy and debt crisis in Africa?

“The combination of the COVID-19 pandemic, rising conflict, and escalating debt in Africa is a toxic cocktail that could soon implode. Governments and multilateral lenders need to work out pragmatic ways to neutralise and navigate out of the crisis.”

via International Growth Centre

African Development Bank wins global award for COVID-19 bond issue

“The African Development Bank was selected in a poll of bond market players as the best issuer in 2020 of a COVID-19 bond for its $3 billion dollar-denominated Fight COVID-19 social bond issued in March 2020.”

via Making Finance Work for Africa

COVID-19 in Africa: Now comes the harder work

“When compared to the economies of the G20 and the multilateral banks’ capital bases, the US$68 billion needed for Africa is insignificant. But it could save hundreds of lives. The time is now for stronger and prolonged action by the international community.”

via Development Reimagined

Advancing the Sustainable Development Goals Despite the Pandemic: Interview with Professor Allam Ahmed

Prof. Allam Ahmed, founding President of the World Association for Sustainable Development, speaks to COVID-19 Africa Watch about financing the SDGs, human capital, and access to electricity.

via COVID-19 Africa Watch

Secretary-General’s remarks to the First Access to COVID-19 Tools Accelerator Facilitation Council Meeting

“‘We must start immediately by massively expanding new and existing tools that can rapidly respond to new cases and provide vital treatment to suppress transmission and save lives, especially over the next 12 months. I know many pin their hopes on a vaccine — but let’s be clear: there is no panacea in a pandemic.'”

via UNECA

African Development Bank approves $27.33 million to ramp up the African Union’s COVID-19 Response Initiative

“The African Development Bank’s Board of Directors approved $27.33 million in grants to boost the African Union’s efforts to mobilize a continental response to curb the COVID-19 pandemic. This support will complement various national and sub-regional operations financed by the African Development Bank to contain and mitigate the impacts of the pandemic.”

via African Development Bank

African Fiscal Vulnerabilities: Effects of 2020 Global Support Initiatives

“Fiscal vulnerabilities among African sovereigns had been building up in the years leading to 2020’s pandemic, driven by challenging economic conditions; unfavourable changes in exchange rates and commodity prices; in addition to significant borrowing, including loans from China, which today is Africa’s largest bilateral lender, alongside greater bond issuance.”

via Scope Ratings

South Korea Launches Project to Support Morocco’s COVID-19 Response

“The project, developed in partnership with NGO Global Care and Morocco’s Ministry of Health, aims to provide Moroccan hospitals and medical facilities with medical equipment and protective gear for health workers. It also aims to raise the awareness among Moroccans about COVID-19 and provide psychological support for vulnerable social groups.”

via Morocco World News

IMF Approves Augmentation and US$52 Million Disbursement for Mauritania

“The COVID-19 pandemic continues to impose severe health, social, and economic hardships in Mauritania, with a 3.2 percent contraction of output expected in 2020. The IMF’s support will provide resources to mitigate the pandemic’s socio-economic impact and continue with institutional reforms to foster an inclusive recovery.”

via IMF