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UNECA: African countries contribute $44.6bn to fight COVID-19

With $44.6 billion, African countries are the biggest contributors to the battle against Covid-19 on the continent, a United Nations Economic Commission for Africa (UNECA) official, Bartholomew Armah, has said. According to him, the second-largest contributor is the International Monetary Fund (IMF) with about $16 billion. However, the Fund continues to approve disbursements to some countries in the region, as was recently the case for Cameroon.

At just over $4.9 billion, the G20 and its initiative to suspend the debt of poor countries takes third place. He disclosed that the top 5 biggest contributors to the fight against covid-19 in Africa are completed by the African Development Bank and Afreximbank.

He further revealed that South Africa is the country in the region that has been the most supportive of its economy when government interventions are compared to GDP. The country is followed by Senegal, Côte d’Ivoire, and Nigeria. According to experts, the real challenges for Africa will be the continent’s capacity to borrow easily on world markets, and especially to achieve the establishment of its common market which would be the basis of an autonomous and strong currency policy in the region.

 

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