(4 minutes read)
· Africa will need about US$ 12 billion to procure and distribute sufficient numbers of COVID-19 vaccines to attain adequate protection against the virus, according to an estimate by the World Bank and the International Monetary Fund
· The estimated financial resources that the continent needs to curb coronavirus transmission is about the same as the total amount of official debt service payments already deferred by 45 of the most economically challenged nations participating in the G20’s Debt Service Suspension Initiative (DSSI)
· The World Bank’s latest biannual economic analysis for Sub-Saharan Africa puts economic growth in Sub-Saharan Africa has contracted by 2.0% in 2020
Africa will need about US$ 12 billion to procure and distribute sufficient numbers of COVID-19 vaccines to attain adequate protection against the virus, according to an estimate by the World Bank and the International Monetary Fund,
The report suggests a further extension of the Group of 20’s debt service moratorium till the year end having regard to the continued high liquidity needs of developing countries. The estimated financial resources that the continent needs to curb coronavirus transmission is about the same as the total amount of official debt service payments already deferred by 45 of the most economically challenged nations participating in the G20’s Debt Service Suspension Initiative (DSSI).
The World Bank’s latest biannual economic analysis for Sub-Saharan Africa puts economic growth in Sub-Saharan Africa has contracted by 2.0% in 2020. Prospects for recovery are getting strengthened amid actions to contain new waves of the pandemic and speed up vaccine rollouts. African countries, the report points out, are not wasting the opportunity from the COVID-19 crisis. They are increasingly adopting digital technologies to boost productivity in current jobs and increase employment opportunities.
The WB/IMF report recommends policies that accompany investments in digital infrastructure. These include regulatory framework that fosters competition and innovation in telecommunications, provision of reliable and affordable electricity, investment in education and upgrading the skills of informal workers. The COVID-19-induced recession is less severe than earlier anticipated. However, economic recovery will vary significantly across countries and sub-regions. Sub-Saharan Africa, home to more than 1 billion people , half of whom will be under 25 years old by 2050, is a diverse continent offering human and natural resources that have the potential to yield inclusive growth and wipe out poverty in the region.
The continent is creating an entirely new development path, harnessing the potential of its resources and people, with the launch of the world’s largest free trade area and a 1.2 billion-person market
