This blog proposes some critical steps—many of which are long overdue—that international financial institutions (IFIs) and multilateral development banks (MDBs) must take if their money is to work more effectively to support African countries recover from the pandemic’s fallout.
The COVID-19 pandemic is taking a huge economic toll in low-income countries. The IMF has provided prompt support to help mitigate it, but it could and should do much more. The political commitment of the international community will be essential for the institution to fulfill its potential.
As part of their efforts to contain the economic, social, and political fallout from the COVID-19 crisis, many African countries have announced large fiscal stimulus packages. But planned fiscal responses will need to be crafted with caution to be most effective.
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