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Debt Relief Helps But It’s Still Not Enough to Offset the Economic Impact of COVID-19

The Beijing-based consultancy Development Reimagined (DR) released a new data set this week that tracks COVID-19 developments in African countries and their economic impact. Their reports and infographics provide a useful companion to the latest news from the Paris Club that Angola will be granted a debt repayment holiday.

DR’s latest set of infographics breaks down how Angola and Africa’s other largest borrowers would benefit from an extension of the DSSI to other countries along with similar relief deals from China.

Key Highlights From Development Reimagined’s Latest COVID-19 Report:

  • MONEY IS NEEDED. NOW.: “While groups of countries such as the “Paris Club of lenders” and China are helping to create “fiscal space” for countries to address COVID19 challenges by suspending debt payments due from many African countries, the effect of these initiatives is limited for three reasons: i) there are other actors such as the private sector and development banks who are still asking for such payments, ii) many other African countries not included in these initiatives because of arbitrary income thresholds; and iii) the initiatives are currently only applicable for 2020.”
  • SHORTAGES OF KEY MATERIALS: “While countries such as China are continuing to send medical teams to African countries, in some ways it is not advice or strategy they need support with. The Africa CDC has been very helpful from the beginning for providing coordinated strategic advice. Instead, more donations of PPE, test kits, and other key materials to countries with still large numbers of active cases could save hundreds of lives.”

Read the full report on the Development Reimagined website.

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