Browsing: COVID-19 IN Africa

The novel Coronavirus (COVID-19) battle in Tanzania stands to get French government’s funding, as the East African nation awaits to receive part of the $1.3 billion (1.2 euros) provided by the G20 member for Africans to wipe off the pandemic.

Tanzania which is currently battling with more than 250 confirmed cases of the virus, will receive an amount that has not yet been established, according to information from The Citizen.

The French government—which is also one of Tanzania’s development partner, has already initiated discussions with the health ministry to fish out key areas to allocate the support, France ambassador to Tanzania Frederic Clavarier told The Citizen.

In that context, earlier this month French President Emmanuel Macron announced that his government would provide 1.2 ($1.3 billion )Euros for Africa to fight the virus.

“Up to this moment, we do not know how much Tanzania is going to get but after discussions …

The novel coronavirus (COVID-19) is still affecting more people in Tanzania, as today April 20, the number of people who have tested positive for the virus rose to 254 and 10 deaths, according to the Tanzanian Ministry of Health statement.

The East African nation has seen a rise in the number of cases from April 18 to April 20 hitting 84. Hence, the statement noted that out of 84 patients 16 were confirmed by the health ministry of Zanzibar (a semi-autonomous region of Tanzania).

The statement showed how the virus has spread across 17 regions, and perhaps it could be related to the warning given by the health minister Ummy Mwalimu of Tanzania dealing with a new dynamic of local transmissions.

First Tanzanian MP to get infected

The virus has also infected a Tanzanian member of parliament (MP) who recently travelled to the nation’s commercial-city, Dar es Salaam—which also leads …

Africa, the world’s second-fastest-growing region might drive a third of 440 it’s formal and informal workers in unemployment, as the region rolls in lockdowns that sweep away people’s means to earn their income, according to McKinsey.

As the virus threats keep on taking new shapes, Mckinsey Finding Africa’s Path report entails that report, between 9 million and 18 million of Africa’s 140 human capital informal sector could lose their jobs.

The report also noted that a further 30 million to 35 million could see a reduction in wages and working hours, as one hundred million of the 300 million informal jobs in Africa are at risk.

Already the virus has hurt other decent-paying and highly labour concentrated sectors in the region such as manufacturing, retail and wholesale, tourism, and construction, as jobs of more than half of the workforce could be lost, the report highlighted.

The virus which has already …

On Monday, the Executive Board of the International Monetary Fund (IMF) approved the immediate debt service relief of 25 of IMF’s member countries under the IMF’s revamped Catastrophe Containment and Relief Trust (CCRT) as part of the fund’s response to help deal with the impacts of the contagious Coronavirus (COVID-19) pandemic.

According to a statement provided by the lender, the funds go after the world’s poorest and most vulnerable members to cover their IMF debt obligations for an initial phase over the next six months.

Further—IMF highlighted that the debt relief will help these 25 nations to channel more of their scarce financial resources towards vital emergency medical and other relief efforts.

IMF’s Managing Director Ms Kristalina Georgieva, said “The CCRT can currently provide about US$500 million in grant-based debt service relief, including the recent US$185 million pledge by the U.K. and US$100 million provided by Japan as immediately available …

The novel coronavirus pandemic (COVID-19) has brought the skies down, even the aviation industry is not safe from the virus wrath. In this case, the African aviation industry is vulnerable, as the international body predicted earlier that, the pandemic would hurt the sector hard, as carriers.

According to information from Bloomberg, Africa’s biggest carriers, Ethiopian Airlines, South African Airways and Kenya Airways are among national airlines staring at mounting losses and the destruction of growth plans put in place before the COVID-19 outbreak.

The International Air Transport Association (IATA) said last week, African carriers may lose $4 billion in 2020 revenue as demand for travel around the continent grinds to a halt.

All three of Africa’s biggest carriers have to find a resolution to ensure amicable solutions reach as carriers “will, in some shape or form, have to enter into conversations with their respective governments about bailouts,” Mike Mabasa, chairman …

Sub-Saharan Africa is likely to face its first recession in 25 years as the novel coronavirus (COVID-19) pandemic is cutting life from the continent’s economies, disrupts world trade, according to information from the World Bank.

According to information from Bloomberg, the lender said, the continent’s gross domestic product (GDP) will probably contract 2.1 per cent to 5.1 per cent in 2020, compared with 2.4 per cent growth a year earlier.

World Bank Vice President for Africa, Hafez Ghanem said in a statement following the Africa Pulse report, that “The COVID-19 pandemic is testing the limits of societies and economies across the world, and African countries are likely to be hit particularly hard,”

The global investment bank, Goldman Sachs Group gave their prediction on African governments funding needs, saying that sub-Saharan Africa funding may rise by $75 billion due to COVID-19 hammering their economies.

Further, the growth downgrade is based on …

The novel coronavirus (COVID-19) is creating chaos all over the globe, taking lives, unevenly infecting a large number of people over space and time, and also affecting markets performance. Despite, these scenarios, African nations are keeping up the fight in curbing the virus impacts.

The continent’s central banks are trying to cushion their respective nation’s economies against the impact of the COVID-19 pandemic.

According to information from Bloomberg, as many central banks in the region of more than 1.2 billion target inflation and have to prop up volatile currencies, they have also used non-traditional policy tools, to cut interest rates to salvage economic growth and encourage more lending to consumers and businesses.

The pandemic which has infected more than 1 million people and killed over 69,000 people worldwide is hurting fragile African economies so bad.

According to a study conducted by African Union, the previously projected Gross Domestic Product (GDP) …

African nations (via their ministers) have agreed to call a debt relief support from bilateral, multilateral and commercial partners with the support of the multilateral and bilateral financial institutions such as the International Monetary Fund (IMF), the World Bank Group, and European Union (EU), amid coronavirus outbreak (COVID-19) United Nations Economic Commission for Africa (UNECA) revealed in a statement.

The agreement was germinated from the second virtual meeting on Tuesday, hosted by Vera Songwe, Executive Secretary of the Economic Commission for Africa, and co-chaired by Ministers Tito Mboweni of South Africa and Ken Ofori-Atta of Ghana.

The meeting stressed the need to take possible actions to downplay and bring the spread of COVID-19 under control in the short term.

“The call for debt relief, it was emphasized, should be for all of Africa and should be undertaken in a coordinated and collaborative way. They called for a special purpose vehicle …

On Tuesday 31 March 2020 Tanzania recorded its first COVID-19 death of a 49-year-old Tanzanian man, which happened in the nation’s commercial city, Dar es Salaam.

According to information from the Ministry of Health, the deceased man was also suffering from other health complications apart from the pandemic.

READ”COVID-19 in Africa: How African currencies feel the pandemic pinch

Tanzania which has 19 cases of the coronavirus, is taking various measures in containing the coronavirus.

“As of today, March 31, 2020, we have confirmed a total of 19 COVID-19 cases whereby out of the number, one has died and one has been treated and discharged from the hospital,” Minister of Health, Ummy Mwalimu said in a statement on Tuesday.

The pandemic has already hurt various crucial economic operations in Tanzania, including hotels, aviation and tourism activities.

On the meanwhile, the Tanzanian government is containing the outbreak rather different than its …

Over 46 African nations are feeling the coronavirus pandemic pinch, and much more scenarios are unveiled as days go.

Mandatory curfews are some of the measures being rolled out in East Africa (Kenya, and Uganda), Tanzania’s with hotels running low on customers and even considering a  possible shut-down. The tourism industry is slowing down too.

However, the COVID-19 could also cause serious trouble, within economic lines for Africa, as the world economy hangs in the balance.

According to information from Bloomberg, the fear of the pandemic could trigger investors to exit markets.

Few emerging-market currencies have been spared as the spread of the coronavirus causes investors to dump riskier assets and the dollar to surge. But Africa has been hit harder than most — and the signs are there’s worse to come.

Kenya’s shilling, Angola’s kwanza and Zambia’s kwacha have all fallen to record lows this month. Ghana’s cedi and …