News & Analysis: Multilaterals

An Africa unconstrained by a self-fulfilling debt narrative will rebound after COVID-19

“Africa’s debt narrative tends to forget the agency of African governments and instead focuses on portraying other players either as saviors or bogeymen.”

via Quartz Africa

‘Africa needs $9bn to buy, administer COVID-19 vaccine’

“Africa needs $9 billion to vaccinate 780 million people over the course of two years, pan-African multilateral trade finance institution Afreximbank has said.”

via The East African

Gordon Brown: G20 nations must devise a global plan for growth post-COVID-19

“It would be a historic act of collective statesmanship if G20 countries agreed that the bulk of the new SDR allocations should fund Africa. And if the IMF and the multilateral development banks match the first SDR allocation with funds from their own considerable resources and make good their commitments on debt relief, we have the makings of a $2tn 21st-century Marshall Plan for the developing world.”

via Financial Times

Global Fund chief on COVID-19 funding, global health security

“Overstretched development assistance budgets won’t be enough to meet the needs of the COVID-19 response and stretched health systems, but most of the funding for these global public goods is going to come from governments — though it may flow through a number of mechanisms, including grants, International Monetary Fund Special Drawing Rights, or debt relief.”

via Devex

IMF Board Approves US$49 Million Disbursement for Guinea

“The Executive Board of the International Monetary Fund (IMF) completed the Fifth and Sixth reviews of Guinea’s economic performance under the program supported by an Extended Credit Facility (ECF). Completion of these last two reviews of the ECF-supported program enables the immediate disbursement of the equivalent of SDR 34.43 million (about US$49.47 million), bringing total disbursements under the arrangement to the equivalent of SDR 120.49 million (about US$166.60 million).”

via IMF

Interview: Dr. Youssef Boutros-Ghali on COVID-19, Debt Sustainability, and Macroeconomic Policy in Africa

COVID-19 Africa Watch talks to Dr. Youssef Boutros-Ghali, former Finance Minister of Egypt and former chairman of the IMF’s International Monetary and Financial Committee, about the economic impact of the pandemic, the policy response, SDRs, and more.

via COVID-19 Africa Watch

COVID-19: WHO says most African countries aren’t ready for vaccine rollout

“In Africa, the World Health Organisation is targeting 20% of 1.3 billion of the continent’s population to be immunised. According to the organisation, most African countries are not ready for the vaccination rollout as they are yet to put in place a plan on how the exercise will be carried out.”

via Tuko

How to get Africa out of debt

“Many African countries were already in debt distress before COVID-19, and the pandemic has made it worse, lifting average debt-to-GDP ratios from about 60% to 70%. The G20 Debt Service Suspension Initiative was extended to June 2021. But much more is needed.”

via SAIIA

COVID-19 in Egypt: Between Governance and Flattening the Curve

“Egypt’s Minister of Health and Population Dr. Hala Zayed speaks about managing the COVID-19 pandemic and what economic and health policies the country has taken to ensure public safety.”

via The Cairo Review of Global Affairs

Why the developing world needs a bigger pandemic response

“The appeal of SDRs for developing countries is that they fill a gap in the toolkit available to advanced economies: money creation. While advanced economies have been able effectively to print money by buying their own bonds in a world of low or negative interest rates, most developing countries cannot do that without risking instability.”

via Financial Times