Egypt’s Finance Minister Mohamed Moeit has discussed with his African counterparts the launch of a new continent-wide strategy to face the coronavirus (COVID-19) pandemic. The discussions came during a teleconference meeting held as part of the Committee of Fifteen Ministers of Finance (F15), a ministerial statement said on Monday.
Continental cooperation must be strengthened to face the economic repercussions of the coronavirus on Africa’s economies, and to contain its negative effects, Moeit said.
The meeting reviewed the steps needed to activate the General Assembly of the African Union’s (AU) decisions to establish a continental fund to combat the effects of the virus.
The meeting included a presentation of the economic, financial, social, and health measures taken by member states in light of the ongoing crisis, and to share experiences fighting the pandemic.
African countries should take a common position at international events, including the World Bank Group and the International Monetary Fund (IMF)’ Spring meetings that start on Tuesday, the statement added.
The participants agreed to continue regular videoconferencing meetings as a follow up on developments in the coronavirus pandemic, and the measures taken to deal with its negative effects.
The IMF projects substantial economic fallout in sub-Saharan Africa on the back of the coronavirus outbreak.
The measures that are crucial to slowing the spread of the virus will have a direct impact on local economies, the IMF asserted in a blog post by Karen Ongley, Advisor at the IMF’s African Department, and Abebe Aemro Selassie, Director of the Fund’s African Department.