Coronavirus: May take 3 years for African economies to fully recover

Coronavirus: May take 3 years for African economies to fully recover

- A report has suggested that African economies may take about three years to fully recover from the economic effects of the coronavirus

- This was contained in a statement released by African ministers and presented at a meeting with the UNECA

- The ministers also jointly called for a special purpose vehicle created to deal with all sovereign debt obligations

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A study into the spread and effect of the coronavirus on African economies has shown that it may take three years for a full recovery.

The continent’s finance ministers drew the conclusion and requested development partners to consider debt relief over a two- to a three-year period for all African nations.

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This was contained in a statement presented at a meeting with the United Nations Economic Commission for Africa (UNECA).

A Bloomberg report shows that the ministers are also interested in a special purpose vehicle created to deal with all sovereign debt obligations.

A month ago, the ministers concluded that the continent is in dire need of a stimulus package of $100 billion.

The package is designed to be used to face the economic implications of the spread of the virus.

Briefly.co.za understands that the package amount includes $44 billion in debt-servicing waivers.

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Source: Briefly News

Authors:
Kelly Lippke avatar

Kelly Lippke (Senior Editor) Kelly Lippke is a copy editor/proofreader who started her career at the Northern-Natal Courier with a BA in Communication Science/Psychology (Unisa, 2007). Kelly has worked for several Caxton publications, including the Highway Mail and Northglen News. Kelly’s unique editing perspective stems from an additional major in Linguistics. Kelly joined Briefly News in 2018 and she has 14 years of experience. Kelly has also passed a set of trainings by Google News Initiative. You can reach her at kelly.lippke@briefly.co.za.