Browsing: African Finance Minsters

Kenya coronavirus

Sub-Saharan Africa governments funding needs may rise by almost $75 billion due to the novel coronavirus (COVID-19) downplaying their economies, according to information from Goldman Sachs Group.

This particular insight comes into the play as last month, African finance ministers called for a $100 billion stimulus package, including suspension of debt to help the youngest continent combat the coronavirus pandemic, which has already registered a $29 billion dent to the economy so far and still counting.

According to the global investment bank, economists in London, Dylan Smith and Andrew Matheny, the pandemic could have a serious toll on the continent’s fragile fiscal pillars.

“Possibly the most severe impact of the crisis will be on already stretched fiscal balances. Budget deficits would likely rise from an average of around 3.5 per cent to high single digits, even before any loosening to soften the economic effects of the corona-crisis,” said Smith and …