AFRICA FOCUS - Debt vulnerability and COVID-19, amid COVID 19 

AFRICA FOCUS - Debt vulnerability and COVID-19, amid COVID 19 

On April 28 amid the Coronavirus crisis on Nigeria the IMF announced some $3.4 billion in funding, 

The Deputy Secretary-General hosted on Friday May 1st, 2020, a roundtable on different aspects related to debt vulnerability and COVID-19, with over 20 policy makers, thought leaders and experts from around the world. This note outlines some of the key messages expressed at the meeting.  

"The COVID-19 pandemic and the social and economic crises it has already triggered will derail our chances to achieve the 2030 Agenda for Sustainable Development – unless we respond rapidly, with new tools."

"The Executive Board of the International Monetary Fund (IMF) approved Nigeria’s request for emergency financial assistance of SDR 2,454.5 million (US$ 3.4 billion, 100 percent of quota) under the Rapid Financing Instrument (RFI) to meet the urgent balance of payment needs stemming from the outbreak of the COVID-19 pandemic.

The near-term economic impact of COVID-19 is expected to be severe, while already high downside risks have increased.  

 

Even before the COVID-19 outbreak, Nigeria’s economy was facing headwinds from rising external vulnerabilities and falling per capita GDP levels. The pandemic—along with the sharp fall in oil prices—has magnified the vulnerabilities, leading to a historic decline in growth and large financing needs. The IMF financial support will help limit the decline in international reserves and provide financing to the budget for targeted and temporary spending increases aimed at containing and mitigating the economic impact of the pandemic and of the sharp fall in international oil prices.   

The countries that will receive debt service relief today are: Afghanistan, Benin, Burkina Faso, Central African Republic, Chad, Comoros, Congo, D.R., The Gambia, Guinea, Guinea-Bissau, Haiti, Liberia, Madagascar, Malawi, Mali, Mozambique, Nepal, Niger, Rwanda, São Tomé and Príncipe, Sierra Leone, Solomon Islands, Tajikistan, Togo and Yemen."  The IMF has said,

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Today, Africa has 13 women leading the Ministries of Health and the COVID19 responses in their countries;

14 women leading the Ministries of Foreign Affairs; and more than 50 women leading the Ministries in charge of Women’s Affairs and Gender. Women #RiseForAll

Women may bear some of the harshest impacts of this crisis, but they are also on the frontlines of leadership in #Africa—leading COVID19 responses so that we can recover from this common threat stronger, more equal and more resilient. AU Women Foreign Ministers meeting

 

Amina JMohammed was born 1961 in Kaduna State and is of Gombe descent with a British mother and a Nigerian father. ... She worked as Senior Adviser on Millennium Development Goals (MDGs) to three different Presidents of Nigeria from 2000 – 2014.