In a recent blog post for The Brookings Institution, EJS Center board member Dr. Ngozi Okonjo-Iweala and Amujae Initiative coach Dr. Vera Songwe and called for urgent and decisive action to empower African countries to effectively fight coronavirus and shore up their economies.
In the blog post, co-authored by several other prominent African leaders, they welcomed the action plan announced by the G-20 Finance Ministers and Central Bank Governors (G-20 FMCBG). However, they argued that it must be “urgently complemented, scaled up, and broadened” in order to ensure that the continent can actively respond to the pandemic.
They put forward a series of recommendations for further action, including expanding the eligibility debt relief and strengthening governance around the use of mobilized resources.
The blog post concluded:
“This is not a moment for incrementalism or hesitation in policy response. Strong and decisive action now will help avoid widespread sovereign defaults, contagion, and chaos in the sovereign debt markets. It will also help preserve millions of jobs on the continent, avoid widespread political and social unrest, and prevent insecurity and mass migration.”
Read the full article here.