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African ministers seek vaccine equity
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African Ministers of Finance, Planning and Economic Development have decried slowness in accessing COVID-19 vaccines and funding for vaccine equity.
They expressed their disappointment in a communique issued at the end of the 53rd session of Conference of Ministers organised by the Economic Commission for Africa (ECA).
The hybrid event, under the theme: ‘Africa’s sustainable industrialisation and diversification in the digital era in the context of COVID-19’, ended yesterday.
Participants at the event hosted by Ethiopia said without rapid access to vaccines, the tidal wave of coronavirus would overwhelm Africa’s fragile health systems, decimate limited human resources and set back its recovery.
They noted that by March 18, the continent had crossed the grim milestone of 4.1 million coronavirus infections, with a case fatality ratio in excess of the global average.
The ministers expressed deep concern over the impact of the pandemic on the health of African citizens, economies, as well as on the continent’s prospects of achieving the African Union 2030 Agenda for Sustainable Development and Agenda 2063.
According to the ministers, the impact of the pandemic on Africa’s economies has been devastating.
For the first time in a quarter century, Africa’s economies are in recession, as real GDP growth contracted by 2.4 per cent in 2020.
They noted that 30 million people lost their jobs and slipped into poverty, as revenues plummeted while expenditures soared in response to the pressing needs of the crisis and the exigencies of climate change.
“African countries are now allocating significant proportions of their budgets to implement policies that respond to the impact of extreme weather events, including droughts, floods, crop failures and infrastructure destruction.
“In some cases, up to 10 per cent of GDP has already been diverted towards climate-change adaptation. Our fiscal buffers are now truly depleted.
“These developments have undermined the economic outlook of several African countries, triggering credit rating downgrades in at least 12 African countries.
“Six African countries, including Sao Tome and Principe, the only African country set to graduate from Least Developing Country (LDC) status, are now in debt distress.
Earlier, the Executive Secretary of the ECA, Vera Songwe, stressed on the need for a swift, bold and positive response on Special Drawing Rights (SDRs).
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