News & Analysis: World Bank

Managing COVID-19’s Impact on Africa’s Sovereign Debt: An Interview with Danny Leipziger

COVID-19 Africa Watch talks to Danny Leipziger, Professor of International Business at the George Washington University, about debt and debt relief amid the ongoing coronavirus pandemic.

via COVID-19 Africa Watch

World Bank hopes to help get vaccines to 1 billion people, Malpass says

“Providing fair and equitable access to vaccines will be key to managing the health and economic repercussions of the COVID-19 pandemic.”

via Devex

World Bank Provides $45 Million to Strengthen COVID-19 Response and Reforms in the Education Sector in Cameroon

“The World Bank approved an additional financing from the International Development Association in the amount of $45 million to the Education Reform Support Project to support Cameroon’s efforts in promoting learning for all. This IDA credit will be complemented by a Global Partnership for Education grant in the total amount of $ 52.45 million.”

via World Bank

World Bank Approves US$40 million Loan to Support the Kingdom of Eswatini’s Program for Economic Recovery to Mitigate Impacts of COVID-19

“The World Bank Group Board of Executive Directors today approved a $40 million Economic Recovery Development Policy Loan (DPL) to support the Government of Eswatini to implement its program of reforms for economic recovery and ongoing efforts to mitigate the impact of the COVID-19 pandemic.”

via World Bank

Zambia’s default shows new approach needed for Chinese debt

“Zambia’s debt default shows that Western lenders need to develop new ways of factoring existing Chinese loans into their decisions. In essence, the long-term consequence of Zambia’s default may be to deter Western lending to countries where China is already a creditor.”

via The Africa Report

Beyond the Numbers: Why the World Needs a More Ambitious Multilateral Development Bank Response to COVID-19

“The World Bank, and other multilateral development banks, are unlikely to pull out the stops in their response to this once-in-two-generations crisis unless they get clear guidance from their major shareholders to do just that. The evidence suggests the rich country shareholders on whom the Bank depends for financial support are not sending this message.”

via Center for Global Development

World Bank Group Supports Ghana To Boost its COVID-19 Response

“The World Bank Board of Executive Directors today approved an additional credit of $130 million from the International Development Association (IDA) for the Ghana COVID-19 Emergency Preparedness and Response Project.”

via World Bank

Somalia Scales up Social Protection Measures as COVID-19 Constrains Economic Growth

“Somalia’s economic growth is forecast to contract significantly due to the negative impacts of COVID-19 (coronavirus), the locust infestation and extreme flooding. The economy is projected to contract by 1.5 percent in 2020, down from earlier estimate of 3.2 percent before the pandemic.”

via World Bank

World Bank Helps Mozambique Mitigate Impact of COVID-19 with a New $100 Million Grant

“The financing will help mitigate the adverse impacts of the pandemic on people’s lives and livelihoods by supporting the immediate COVID-19 response and supporting businesses and reforms in view of improved fiscal sustainability.”

via World Bank

African Debt: At some point, the hole becomes just too big to fill

“Nigeria, Ghana, Kenya, South Africa, and others have all announced new borrowing initiatives that will only exacerbate the current financial crisis. And what’s worse is that they’re largely planning on using the proceeds from raw material sales to repay those loans. But by the time those loans come due, commodities won’t be nearly as valuable as they are today.”

via The Africa Report