The African Development Institute within the African Development Bank organised a virtual seminar on Wednesday 29th April 2020, to develop responses to the challenges of macroeconomic policy facing African nations as a result of the COVID-19 pandemic.
As in other continents, African countries cannot escape the devastating effects of the COVID-19 pandemic on their national systems for health, the economy, trade, culture, society and ways of life.
The public and private sectors, individuals and communities are fighting in order to respond to the pandemic in the midst of the closing of businesses and the interruption to income sources.
The seminar, called “Improving resilience in African economies; macroeconomic policy responses to the COVID-19 pandemic in Africa”, sought to look at the macroeconomic implications for African economies as many nations are fighting to implement fiscal stimulus packages, in order to prevent total collapse and save the means of subsistence.
Among those taking part were development partners, including representatives from the World Bank, the International Monetary Fund, the African Union Commission, the United Nations Economic Commission for Africa, the United Nations Development Programme, and representatives from academic institutions.
The seminar will also cover the ways that COVID-19 has highlighted inequalities in the global economy and the huge disparities in the responses from industrialised countries compared to those in African countries, which have had to depend on development institutions to implement contingency plans.
Source: Equatorial Guinea Press and Information Office