African economies are expected to be the hardest hit by lockdown regulations, which in turn will affect businesses and trade.
President Cyril Ramaphosa has called for the waiver of interest payments and possible cancellation of debt for Africa’s low-income countries to manage the fight against the spread of the coronavirus.
Ramaphosa, however, said he believed in order for the economies of African countries to recover, they would need a debt standstill of two years. The African Union has predicted the continent will be strangled by the pandemic, with nearly 20 million jobs, both in the formal and informal sectors, threatened if the crisis continues.
Between provincial health departments, the national department and Solidarity Fund, R755 million have already been spent on PPEs in April.
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