Corona Watch
Africa
South African president Cyril Ramaphosa said on Friday that African countries needed a two-year debt standstill due to the impact of the Covid-19 pandemic, longer than a moratorium agreed by G20 governments last month.
"While the World Bank and the IMF have supported a debt standstill for 9 months, we believe that ... we will need a debt standstill for two years," Ramaphosa, who currently chairs the African Union, told a conference call with heads of state from neighbouring countries.
He said he had called for the allocation of more IMF special drawing rights to help central banks, the corporate sector and small and medium-sized businesses navigate the massive economic shock from Covid-19. – Nampa/Reuters
South Africa
South Africa's central bank (SARB) said on Friday it would reduce overnight repo auctions to one per day from the two it has held since early March to inject liquidity into the banking system amid the coronavirus pandemic.
Repurchase agreements, or repos, are a form of short-term borrowing used in money markets, with mainly commercial banks and investment houses buying the securities in order to raise cash quickly and meet capital ratio rules.
Early in the pandemic, banks and investment firms saw a rapid increase in redemptions and margin calls as nervous investors looked to pull out their money, while increasing bid-offer spreads made buying and selling difficult. – Nampa/Reuters
Sierra Leone
Fishermen in Sierra Leone on Wednesday attacked a police station and a health clinic in an angry response to drastic cuts in the number of boats allowed to go to sea as part of measures to fight Covid-19, local officials said.
After three days of strict isolation, economic activity was authorised anew on Wednesday morning in the poor West African nation, but fishermen in the major port of Tombo were informed on shore that no more than 15 out of hundreds of vessels could sail.
"Just after the announcement at the wharf the fishermen and some youths went on the rampage, destroying the police station, a community clinic and the house of the Tombo community chief," a senior police source said, asking not to be named.
The authorities restored a daytime curfew with the military to restore calm. – Nampa/AFP
Congo
Congo president Denis Sassou Nguesso on Thursday said his country was requesting emergency aid from the International Monetary Fund of up to half a billion US dollars, despite problems with an IMF loan granted less than a year ago.
"Our parliament has just approved a budget package which halves our budget," he said, referring to the impact of the coronavirus pandemic.
Last July, after voicing concern about Congo's debt transparency and management of public resources, the IMF granted a US$448.6-million bailout. – Nampa/AFP
South African president Cyril Ramaphosa said on Friday that African countries needed a two-year debt standstill due to the impact of the Covid-19 pandemic, longer than a moratorium agreed by G20 governments last month.
"While the World Bank and the IMF have supported a debt standstill for 9 months, we believe that ... we will need a debt standstill for two years," Ramaphosa, who currently chairs the African Union, told a conference call with heads of state from neighbouring countries.
He said he had called for the allocation of more IMF special drawing rights to help central banks, the corporate sector and small and medium-sized businesses navigate the massive economic shock from Covid-19. – Nampa/Reuters
South Africa
South Africa's central bank (SARB) said on Friday it would reduce overnight repo auctions to one per day from the two it has held since early March to inject liquidity into the banking system amid the coronavirus pandemic.
Repurchase agreements, or repos, are a form of short-term borrowing used in money markets, with mainly commercial banks and investment houses buying the securities in order to raise cash quickly and meet capital ratio rules.
Early in the pandemic, banks and investment firms saw a rapid increase in redemptions and margin calls as nervous investors looked to pull out their money, while increasing bid-offer spreads made buying and selling difficult. – Nampa/Reuters
Sierra Leone
Fishermen in Sierra Leone on Wednesday attacked a police station and a health clinic in an angry response to drastic cuts in the number of boats allowed to go to sea as part of measures to fight Covid-19, local officials said.
After three days of strict isolation, economic activity was authorised anew on Wednesday morning in the poor West African nation, but fishermen in the major port of Tombo were informed on shore that no more than 15 out of hundreds of vessels could sail.
"Just after the announcement at the wharf the fishermen and some youths went on the rampage, destroying the police station, a community clinic and the house of the Tombo community chief," a senior police source said, asking not to be named.
The authorities restored a daytime curfew with the military to restore calm. – Nampa/AFP
Congo
Congo president Denis Sassou Nguesso on Thursday said his country was requesting emergency aid from the International Monetary Fund of up to half a billion US dollars, despite problems with an IMF loan granted less than a year ago.
"Our parliament has just approved a budget package which halves our budget," he said, referring to the impact of the coronavirus pandemic.
Last July, after voicing concern about Congo's debt transparency and management of public resources, the IMF granted a US$448.6-million bailout. – Nampa/AFP
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