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African Response to COVID-19

Given the structural and cyclical weaknesses of African economies, the United Nations Economic Commission for Africa (UNECA) calls for a realistic response.
UNECA advises African countries to stimulate the economy with the injection of public and private money, supported by some fiscal relief. At the same time, on an international scale, new debt forgiveness is being requested from creditor countries.
Here are some of the measures taken by States and institutions on the continent:

  • Morocco received 450 million euros from the European Union for the adoption of health and economic measures.
  • The African Development Bank has put $3 billion in bonds on sale through a new fund called Fight  Covid -19 Social  bond .
  • The public bank of Ethiopia announced an injection of US$418 million into private banks.
  • The Tunisian Professional Association of Banks and Financial Institutions, according to its president Habib Gouider, will make a contribution of approximately 32 million euros.
  • United Bank for Africa donated 12 million euros through its foundation.
  • The President of the Republic of Tunisia, Kais Saied, called for a three-month postponement of loan repayments for officials and employees in the most vulnerable sectors.
  • The Arab Bank for Economic Development of Africa (BADEA) decided to allocate 100 million dollars to support the efforts of Sub-Saharan African countries.
  • The West African Development Bank decided to lend 15 billion CFA francs (23 million euros) to each of its eight Member States and freeze these countries’ debts, estimated at 76.6 billion CFA.
  • South African President Cyril Ramaphosa announced the closure of the country’s mines for a period of 21 days.
  • The central bank of the Democratic Republic of Congo reduced the reference interest rate from 9% to 7.5%.
  • The African Import and Export Bank (Afreximbank) announced a $3 billion credit line to support companies dependent on international trade.
  • The Central Bank of Kenya cut its benchmark rate by a higher-than-expected 100 basis points to 7.25% and reduced the commercial banks’ cash reserve ratio to 4.25.

The continent managed to adopt emergency measures, but it still remains to design and implement a continental response to post-COVID-19. The measures taken so far are mainly to contain the consequences, not an economic development plan.


Photography – https://twitter.com/WHOAFRO/status/1249679622465359873/photo/1

Content – https://www.jeuneafrique.com/913133/economie/coronavirus-les-dernieres-infos-economiques-africaines/