The COVID-19 pandemic can be described as a health and economic crisis with spillover effects on other areas such as trade and agriculture.
The African Development Bank’s Vice President for Regional Development, Integration and Business Delivery says countries must focus on keeping economies viable until they can open safely and return to normalcy while avoiding large waves of unemployment.
“Our goal for this year is to provide stimulus for our regional member countries to make sure that their economies remain viable, that they don’t see widespread bankruptcy, that they can pay salaries to civil servants, that they can pay pensions to their pensioners,” Vice President Khalef Sherif, said prior to the 2020 Annual Meetings.
To avoid widespread decline to African economies, in April 2020, the African Development Bank launched its COVID-19 Rapid Response Facility aimed at providing immediate economic relief and funding for the equipment and supplies needed to combat the spread of the COVID-19 outbreak.
The $10 billion in resources also supports private businesses who have felt the brunt of the pandemic due to national confinements and reduced consumer spending.
For more on the “Road to the 2020 Annual Meetings: A conversation with VP Khaled Sherif,” click here.