- A US$150 billion emergency financing package for Africa to fight COVID-19 was proposed by Prime Minister Abiy
- Emergency financing package was suggested under supplementary budgetary support from the World Bank
A US$150 billion emergency financing package for Africa to fight COVID-19 was proposed by Ethiopia’s Prime Minister Abiy “for consideration during the upcoming extraordinary G-20 leaders’ summit.”
The proposed USD150 billion Africa COVID-19 emergency financing package was suggested under supplementary budgetary support from the World Bank (including by recycling undisbursed IDA resources) for health emergency support. Such a package is expected to boost foreign exchange reserves and give safety nets. It also covers IFC global private sector financing – trade financing, working capital support and medium-term financing to private companies struggling with disruption of supply chains as well as IMF global crisis financing to low income countries to meet urgent balance of payment needs.
The global Africa health emergency package may include support to strengthen public health delivery and emergency preparedness in Africa through supply of equipment, protective gears and testing kits etc. It also includes a debt resolution and restructuring package.
