News & Analysis: Multilaterals

Sovereign Debt: A Critical Challenge

“Today, the earlier fear of a dangerous lack of liquidity has been replaced in large part by concerns about the ability of the international financial architecture to support countries with increasing levels of debt and uncertain access to capital. One worrisome aspect seems clear: Many countries will require debt relief in the next few years if they are to maintain or restore access to financial flows. Higher interest rates in advanced economies, and the United States in particular, could compound the difficulties of emerging market countries in servicing existing debt and refinancing maturing debt.”

via Bretton Woods Committee

World Bank’s Response to COVID-19 in Africa

“In Africa, the World Bank’s response is focused around four main areas, simultaneously: saving lives, protecting poor people, protecting and creating jobs, and building back better.”

via World Bank

Africa’s Crisis Recovery Requires Upgrading the Global Financial Safety Net

“Critically, the World Bank and other multilateral development banks should commit to make greater and enhanced use of guarantees and other risk management instruments to help African countries lower borrowing and project implementation costs.”

via Center for Global Development

Sir Paul Collier: Rethinking Roles and Responsibilities for Africa’s Economic Recovery

Oxford Professor, Sir Paul Collier, discusses the macroeconomic shocks suffered by African economies and the approach needed to accelerate the recovery.

via COVID-19 Africa Watch

When Special Drawing Rights Aren’t So Special

“In the post-pandemic period, African governments will need to invest even more in expanded digital access, climate resilience, and green growth. Given these needs, a standard SDR allocation will not be nearly enough to alleviate Africa’s current plight.”

via Project Syndicate

Ghana becomes recipient of historic first shipment of COVAX vaccines

“After a year of disruptions due to the COVID-19 pandemic, with more than 80,700 Ghanaians getting infected with the virus and over 580 lost lives, the path to recovery for the people of Ghana can finally begin.”

via WHO Africa

South Sudan to receive COVID-19 vaccine this month

““I am happy to inform you that we have met all the requirements and have received information from COVID-19 Vaccines Global Access (Covax) that 864,000 doses of the AstraZeneca vaccine have been allocated to South Sudan.”

via The East African

Paul Kagame: “Until Africans get the COVID-19 vaccinations they need, the whole world will suffer”

“Africa is not sitting back and waiting for charity. We have learned our lessons from the past. All we ask for is transparency and fairness in vaccine access, not the protectionism currently in play.”

via The Guardian (UK)

Covax to deliver 90m vaccines to Africa this month

“As production capacity increases and more vaccines become available, Covax aims to vaccinate at least 20% of Africans by providing up to 600 million doses by the end of 2021.”

via African Business Magazine

Memo to Leaders: Three ‘no regret’ decisions for financing Africa’s post-COVID-19 future

To contain the economic damage of the pandemic and capitalize on the region’s underlying strengths, national and international leaders need to pursue urgent action.

via COVID-19 Africa Watch