• About
  • Advertise
  • Privacy Policy
  • Contact
Thursday, October 23, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Africa Seeks extra $44 Billion to Fight COVID-19

thevaultzby thevaultz
June 30, 2020
Reading Time: 3 mins read
thevaultzby thevaultz
in Africa, Economy, News, Top Stories
0
Africa Seeks extra $44 Billion to Fight COVID-19

The Oliver twist syndrome

$14 billion have been waived by the Group of 20 leading economies for the world’s poorest countries.The lender has disbursed $10.1 billion through emergency facilities or augmented existing arrangements to 29 sub-Saharan African countries.

Africa is reluctant to sever the umbilical cord of Foreign loan. According to the International Monetary Fund, $44 billion has not been financed yet even after several countries have taken up emergency loans and debt-service relief initiatives.

Sub-Saharan Africa will need more $110 billion in additional funding to contain the spread of COVID-19 this year.

RelatedPosts

Nation Building Hinges on Strategic Planning, Execution; Mahama on Course to Deliver – Dep. Presidential Spokesperson

Support Informal Sector, Worth GHȻ 7.4B in 2024Q4 – GSS

NPP Flagbearer Hopeful Rejects Power Politics, Champions Principle and Service

The funding needs persist despite the IMF approving debt-service relief for 21 sub-Saharan African countries for an initial six-month phase ending mid-October and a Debt Service Suspension Initiative by the Group of 20 leading economies that waived up to $14 billion in payments for the world’s poorest countries — most of them in Africa — until December, the lender said Monday in a regional economic outlook update.

The lender has disbursed $10.1 billion through emergency facilities or augmented existing arrangements to 29 sub-Saharan African countries, it said. More international support is urgently required for the region to overcome the crisis and return to sustainable growth, according to the IMF.

 “This crisis is unprecedented, Our efforts today will have significant consequences down the road, not only in helping our members offset the immediate tragedy of the crisis, but also in ensuring that peoples’ lives and livelihoods are not destroyed forever.”

Abebe Aemro Selassie, the director of the IMF’s African department

Real GDP per capita forecast to contract by 5.4% to a level last seen around 2010

Sub-Saharan Africa’s economy is forecast to contract by 3.2% in 2020, double the IMF’s April estimate. The lender cut gross domestic product forecasts for 37 of the region’s 45 economies, with the largest downward revisions in tourism-dependent Comoros and Mauritius. The forecasts for the change in GDP in oil-exporting countries was cut by 2.1 percentage points, the IMF said.The decline in regional output is likely to erase nearly a decade of progress in development, with real GDP per capita forecast to contract by 5.4% to a level last seen around 2010, the lender said. The pandemic is likely to increase global poverty levels for the first time since the Asian crisis in 1998, with 26 million to 39 million more people at risk of extreme poverty in sub-Saharan Africa alone, the IMF said, citing World Bank estimates.

ADVERTISEMENT

Support packages in sub-Saharan Africa will impact growth rate

While economic growth in the region is projected to rebound to 3.4% in 2021, it’ll be shallower than the expected world growth rate because support packages in sub-Saharan Africa are “considerably smaller” than those implemented in many other economies, the IMF said.

 “Downside risks could materialize if health systems are overwhelmed, given that many economies have reopened before the infection has peaked,” the IMF said. “However, with the easing of global financial conditions and a rebound in oil and other commodity prices, the projected downturn could be less pronounced.”

Tags: Abebe Aemro SelassieafricaIMFWorld Bank
Please login to join discussion
Previous Post

(WATCH) Corona Quacks: Exposing fake Coronavirus cures in Ghana

Next Post

Shatta wale declares Tuesday a ‘Money making’ day

Subscription Form

Related Posts

Deputy Presidential Spokesperson Shamima Muslim
General News

Nation Building Hinges on Strategic Planning, Execution; Mahama on Course to Deliver – Dep. Presidential Spokesperson

October 23, 2025
Support Informal Sector, Worth GHȻ 7.4B in 2024Q4 – GSS
Economy

Support Informal Sector, Worth GHȻ 7.4B in 2024Q4 – GSS

October 23, 2025
Ing. Kwabena Agyei Agyepong 2 edited
General News

NPP Flagbearer Hopeful Rejects Power Politics, Champions Principle and Service

October 23, 2025
Competent AGs Prosecute in Court, Minority Chides AG
General News

Competent AGs Prosecute in Court, Minority Chides AG

October 23, 2025
President Mahama handingover ORAL Committee's findings to Attorney General and Minister for Justice Dr Dominic Ayine
General News

ORAL Must Move Beyond Catch-Up to a Robust Mechanism to End Looting – Analyst

October 23, 2025
Minority Accuses Government of Running Away from Anti-LGBTQ+ Bill
General News

Minority Accuses Government of Running Away from Anti-LGBTQ+ Bill

October 22, 2025
Deputy Presidential Spokesperson Shamima Muslim
General News

Nation Building Hinges on Strategic Planning, Execution; Mahama on Course to Deliver – Dep. Presidential Spokesperson

by evansjrOctober 23, 2025
Support Informal Sector, Worth GHȻ 7.4B in 2024Q4 – GSS
Economy

Support Informal Sector, Worth GHȻ 7.4B in 2024Q4 – GSS

by Michael Teye-Bio NaduteyOctober 23, 2025
General News

NPP Flagbearer Hopeful Rejects Power Politics, Champions Principle and Service

by Silas Kafui AssemOctober 23, 2025
Board of Directors Visits Bui Generation Station
Extractives/Energy

Board of Directors Visits Bui Generation Station

by Bless Banir YarayeOctober 23, 2025
Treasury Issues Sanctions Targeting Entities Linked To Iran’s Defence Industry
USA

US Hits Russia’s Oil Giants With Sanctions

by Comfort AmpomaaOctober 23, 2025
ECG to Pay Over GHS400 Million to Sector Player
Extractives/Energy

IMANI Warns Ghana’s Utility Sector Faces Collapse Without Realistic Tariffs 

by Prince AgyapongOctober 23, 2025
Deputy Presidential Spokesperson Shamima Muslim
Support Informal Sector, Worth GHȻ 7.4B in 2024Q4 – GSS
Board of Directors Visits Bui Generation Station
Treasury Issues Sanctions Targeting Entities Linked To Iran’s Defence Industry
ECG to Pay Over GHS400 Million to Sector Player

Recent News

Deputy Presidential Spokesperson Shamima Muslim

Nation Building Hinges on Strategic Planning, Execution; Mahama on Course to Deliver – Dep. Presidential Spokesperson

October 23, 2025
Support Informal Sector, Worth GHȻ 7.4B in 2024Q4 – GSS

Support Informal Sector, Worth GHȻ 7.4B in 2024Q4 – GSS

October 23, 2025
Ing. Kwabena Agyei Agyepong 2 edited

NPP Flagbearer Hopeful Rejects Power Politics, Champions Principle and Service

October 23, 2025
Board of Directors Visits Bui Generation Station

Board of Directors Visits Bui Generation Station

October 23, 2025
Treasury Issues Sanctions Targeting Entities Linked To Iran’s Defence Industry

US Hits Russia’s Oil Giants With Sanctions

October 23, 2025
ECG to Pay Over GHS400 Million to Sector Player

IMANI Warns Ghana’s Utility Sector Faces Collapse Without Realistic Tariffs 

October 23, 2025
The Vaultz News

Copyright © 2025 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2025 The Vaultz News. All rights reserved.

Discover the Details behind the story

Get an in-depth analysis of the news from our top editors

Enter your email address