Finance

African countries contributed the most to the fight against Covid-19 on the continent with $44.6bln

African countries contributed the most to the fight against Covid-19 on the continent with $44.6bln
Wednesday, 28 October 2020 15:03

With $44.6 billion, African countries are the biggest contributors to the battle against Covid-19 on the continent. The figures were reported by Bartholomew Armah (pictured), an economist and Chief Development Planning, Macroeconomics and Governance Division - UN Economic Commission for Africa.

The second-largest contributor is the International Monetary Fund with about $16 billion. This amount may have increased in the meantime, as the institution 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.

Financing from the IMF and G20 are loans that Africa will have to repay. This tends to show that Africa, for which everyone has expressed concern, has ultimately received very little support from the international community, particularly from developed countries where the response to covid-19 has reached trillions of dollars. The top 5 biggest contributors to the fight against covid-19 in Africa are completed by the African Development Bank and Afreximbank.

South Africa is the country in the region that has been the most supportive of its economy when government interventions are compared to GDP. It is followed by Senegal, Côte d'Ivoire, and Nigeria, Africa's largest economy in terms of GDP.

The IMF's recent Economic Outlook Update indicates that growth in Africa is expected to decline by 3.08 percent in 2020. This represents a loss of $75 billion during the year.

According to some experts, the real challenges for Africa will be its 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.

Idriss Linge

On the same topic
• The IMF has approved an immediate disbursement of $367 million to Ghana, bringing the total financial support provided to the country since May...
Zenith Bank is in advanced talks to acquire a tier-two bank in Kenya. The Central Bank of Kenya has raised capital requirements, triggering market...
• DPI acquires minority stake in Egypt’s largest private hospital group• Funds to support expansion across Egypt and key Gulf countries• Investment among...
WAEMU states collectively raised nearly 7,000 billion CFA francs in the first half of 2025, a record amount driven by increased financing needs, the...
Most Read
01

• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...

Coffee: Global Consumption Expected to Reach Record Level in 2025/2026
02

• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...

Afreximbank Bonds Retain Market Confidence Despite Moody’s Downgrade
03

• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo...

Algeria Awards Commercial 5G Licenses
04

• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boo...

Nigeria Secures $100 mln ECOWAS Bank Loan for Lagos-Calabar Coastal Highway
05

• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector cou...

IFC Plans Investment Fund to Help Grow African Film Industry
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.