“Africa’s in a more dire economic situation in 2021”- ECA

Amaka E. Nliam

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The UN Economic Commission for Africa (ECA) has said that Africa is in a more dire economic situation in 2021.

Dr. Vera Songwe, Executive Secretary of the ECA, announced this at virtual meeting of all African Finance Ministers. She decried the higher debt-to-GDP ratios across the continent.

The African Ministers at the meeting underscored the need for more resources, concessional financing, and the liquidity and sustainability facility to bring down interest rates, which remain high and enhance market access.

The ECA also raised the issue of COVID-19 vaccine-financing:

 

Amaka E. Nliam

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