IMF forecasts sub-Saharan Africa's economy to contract by 3.2 pct in 2020

0 Comment(s)Print E-mail Xinhua, June 30, 2020
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NAIROBI, June 29 (Xinhua) -- Sub-Saharan Africa's economy is now expected to shrink by 3.2 percent in 2020, the International Monetary Fund (IMF) said on Monday.

In its latest Regional Economic Outlook for Sub-Saharan Africa, the IMF said COVID-19 pandemic continues to represent exceptional health and economic crisis, with costs that will be felt most keenly by poor nations.

"This is a fast-moving crisis. And recent developments suggest that the downturn will be significantly larger than we had anticipated only 10 weeks ago," said Abebe Aemro Selassie, director of the IMF's African Department.

"The risks we highlighted in April all continue to be a concern, but the deterioration of the global outlook has been particularly striking," Selassie said.

The IMF official said the pandemic is still in its exponential phase in Sub-Saharan Africa. The immediate priority is still to protect lives and to do whatever it takes to strengthen local health systems and contain the outbreak.

Selassie said more international support is needed urgently, adding that countries in the region will face additional financing needs of over 110 billion U.S. dollars and 44 billion U.S. dollars has yet to be financed.

According to the IMF, Africa's resilience is being tested, noting that the continent has come through much and will come through this crisis also. Enditem

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