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Abel Birhanu News Mar 25, 2020

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Ethiopia’s prime minister has put forward a three-point proposal on how G20 countries can help African countries cope with the coronavirus pandemic. The first point of the plan proposed by Abiy Ahmed calls for a $150 billion aid package -- Africa Global COVID-19 Emergency Financing Package. "Lastly, Ahmed’s proposal requests G20 countries to implement debt reduction and restructuring plans, reminding world leaders that "a global approach and strategy” is needed to stop the coronavirus pandemic.

Finance ministers of several African countries, who met in Addis Ababa on Monday, called for a coordinated response to mitigate the economic impact of the COVID-19 pandemic. "Africa needs an immediate emergency economic stimulus to the tune of US$100 billion,” read a press release by the UN Economic Commission for Africa that referred to decisions taken at the ministerial meeting. "As such, the waiver of all interest payments, estimated at US$44 billion for 2020, and the possible extension of the waiver to the medium term, would provide immediate fiscal space and liquidity to the Governments, in their efforts to respond to the COVID-19 pandemic,” the statement added.

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