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.co.za

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