News & Analysis: Multilaterals

If COVID-19 is not beaten in Africa it will return to haunt us all

Ethiopian Prime Minister Abiy Ahmed argues efforts “to tackle the human and economic cost of this global scourge must be global in design and application… Without that, Africa may suffer the worst, yet it will not be the last. We are all in this together, and we must work together to the end.”

via Financial Times

Joint Statement from the World Bank Group and the International Monetary Fund Regarding A Call to Action on the Debt of IDA Countries

“With immediate effect—and consistent with national laws of the creditor countries—the World Bank Group and the International Monetary Fund call on all official bilateral creditors to suspend debt payments from IDA countries… This will help with IDA countries’ immediate liquidity needs to tackle challenges posed by the coronavirus outbreak.”

via World Bank

A $100 billion stimulus to address the fall out from thecoronavirus in Africa

“Sub-Saharan Africa is facing at least a $100 billion balance of payment shortfall in 2020 compared with what was previously forecast. The coronavirus crisis is still unfolding, and impacts are only slowly becoming clearer. But there will be considerable declines in trade revenues and financial flows this year, as well as other effects”

via Overseas Development Institute

Africa’s rising “unsustainable” debt is driving a wedge between the World Bank and other lenders

“African debt is on the rise, and that fact is causing tensions to spark in unexpected places. Total external debt for sub-Saharan Africa jumped nearly 150% to $583 billion in 2018 from $236 billion 10 years earlier, according to World Bank data. Many now worry the debt load is becoming unsustainable.”

via Quartz Africa