Africa Financial Sector Responses to COVID-19 - MFW4A Tracker

Sep 21, 2020

The COVID-19 pandemic has greatly disrupted economic activity around the world and significantly affected global financial conditions. Experts predict that the human and socio-economic consequences will be severe for Africa. According to the United Nations Economic Commission for Africa, about half of jobs across Africa are at risk and gains in poverty reduction are expected to evaporate. The African financial sector has not been spared from this crisis. The challenges are numerous and spread further beyond the regional banking activity.

Governments, as well as regional and international financial sector regulators and development finance institutions (DFIs) have already unveiled unprecedented measures to minimize the COVID-19 economic and financial impact. These actions, which include fiscal, monetary and financial measures, highlight the seriousness of the damages the pandemic has caused and the threat to the economic stability of the continent.

As a Partnership committed to the development and resilience of Africa’s financial sector, Making Finance Work for Africa (MFW4A) has implemented a number of recent initiatives to inform and raise awareness on COVID-19 implications for the African financial sector. In addition to its webinars series and discussions aimed at identifying the sector's challenges and solutions, the MFW4A Tracker lists relevant domestic, regional, bilateral and multilateral responses to COVID-19 on the financial sector. To help our audience navigate this wealth of information, MFW4A will continue to monitor, collect and classify by country or region the African financial sector-related measures taken by governments, central banks and DFIs to mitigate the economic impact of COVID-19.

Countries:

Algeria Algeria