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.
#Africa's in a more dire econ situation in 2021; Higher #debt-to-#GDP ratios across the continent.Our c'tries will go nowhere if we don't have access to vaccines which has now become our #growth restoration point.We need to raise more resources in2021 #DSSI Ext #SDRs– @SongweVera pic.twitter.com/PgQLEsr76P
— ECA (@ECA_OFFICIAL) January 21, 2021
The ECA also raised the issue of COVID-19 vaccine-financing:
We need to redefine #Africa's ask in the fight against #COVID19 & collectively re-engage & refocus int'l community,esp #IMF for debt forgiveness so countries can have space for #vaccine financing to allow us all fiscalspace. We've to do more & do it better.#DSSI #SDRs @SongweVera pic.twitter.com/sR4nKffu3Q
— ECA (@ECA_OFFICIAL) January 21, 2021
Amaka E. Nliam
