Video - An Unprecedented Pandemic Requires Unprecedented Support, AfDB VP Says

19 June 2020
Content from a Premium Partner
African Development Bank (Abidjan)

The Covid-19 pandemic is poised to have widespread impacts on African economies, with experts estimating that the continent could see an average 1 to 3 percent drop in GDP.

"There is nothing like it that we've seen in this lifetime," Vice President of Regional Development, Integration and Business Delivery Khaled Sherif said ahead of the 2020 Annual Meetings of the African Development Bank.

He describes how the continent has been hit by several "shocks," from the fall in oil prices, declines in tourism revenues and domestic incomes due to border closures and confinement measures. West African economies, for example, also suffer from global price drops for raw agricultural productions such as cacao and coffee.

Through its Covid-19 Response Facility, VP Sherif says that the African Development Bank is assisting countries "under a crisis like we've never seen before."

For more on the "Road to the 2020 Annual Meetings: A conversation with VP Sherif," click here.

Read the original article on African Development Bank (AfDB).

Tagged:
Copyright © 2020 African Development Bank. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.