It may take three years for African economies to recover from the slowdown brought by the coronavirus (Covid-19) pandemic, according to the continent’s finance ministers.
Bloomberg reported that Development partners should consider debt relief because of this possibility, African finance ministers are asking for special consideration by development partners.
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According to them, the negative effects of the coronavirus pandemic could linger for two- to three-year period for all African nations, they said in a statement following a meeting with the United Nations Economic Commission for Africa.
They also want a special purpose vehicle created to deal with all sovereign debt obligations, according to the statement.
Last month, the ministers agreed that the continent needs a stimulus package of $100 billion to face the economic crisis wrought by the virus.
The package amount includes $44 billion in debt-servicing waivers.
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