Is The Lockdown Putting African Economies on Brink of Failure?
There are only a few situations that have impacted the world on a global scale in recent memory. The handful that do exist are beginning to pale in comparison to the current global pandemic. This has been noticeable in developed countries with overwhelmed health care systems. Now developed economies in the African continent are starting to show warning signs of complete economic breakdown as their much less developed health care system buckled under the burden of pandemic patients.
Ongoing Support Activities
Providing support to the situation is complicated due to the way that many of the African country’s economies are structured. Most African countries share two features. They are export-driven and the lock downs have left them paralyzed despite internal policy. There have been two major international organizations that have come out in support of these countries.
International Monetary Fund Answering The Call
So far the IMF has received communications from at least 20 African nations seeking emergency relief. There are at least 10 more that are going to apply in the future most likely. So far the IMF has established relief operations with 2 and plans are in the works for how to address the nation’s currently in crisis.
UNECA Starts To Help
The UNECA, officially know as the U.N. Economic Commission for Africa is providing help for many African states. It’s comprised of a council from UN member states that help to arrange relief missions and ongoing development in Africa. The present crisis is anticipated to cost the region in excess of 10 billion dollars for health care alone. They are currently attempting to coordinate relief efforts among UN members.
Expected Long Term Effects
Although it is easy for people in the developed world to lose sight of how interconnected everything is, there would be a catastrophic wave of secondary and tertiary effects around the world if the area does not get the support that they need as there are many basic items necessary for day to day items that would either become impossible or extremely expensive to obtain.