SUDAN INSIGHT ALERT: Bloomberg - Africa Is Two to Three Weeks Away From Height of Virus Storm
Bloomberg reports that Africa is two to three weeks away from the worst of the coronavirus storm, and needs an emergency economic stimulus of $100 billion to bolster preventative measures and support its fragile healthcare systems, according to the United Nations Economic Commission for Africa (UNECA).
Almost half of the funds could come from waiving interest payments to multilateral institutions, giving countries the fiscal space needed to impose social-distancing measures, widen social safety nets and equip hospitals to treat the sick ahead of an expected surge in infections, UNECA Executive Secretary Vera Songwe said.
Songwe added that a measure that may provide immediate relief is the creation of the special purpose vehicle requested by African finance ministers through which interest payments on sovereign bonds could be sequestered and provide all African countries.
Songwe warned that the pandemic “would weigh on Africa’s health and education sectors for years to come.”