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Billions of dollars need to be mobilised to combat COVID-19
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Billions of dollars need to be mobilised to combat COVID-19
As self-isolation and self-quarantine, lockdowns, and social distancing are adopted to combat the spread of the novel coronavirus, poor and less affluent communities, in both the Global South and North, will be especially vulnerable. The world, perhaps more than ever, needs to come together to help those affected.
Governments, banks, foundations, and humanitarian and charitable organizations are already mobilizing their resources and directing them to the front lines of the fight. That said, more needs to be done to support those most likely to be impacted by the social and economic impacts of the virus. People’s lives and livelihoods are at stake, and we need to move quickly to ensure that help is provided as humanely and transparently as possible. Indeed, the way in which we handle this crisis is likely to become the norm in crisis management for decades to come.
Challenges in mobilizing financial resources
The COVID-19 outbreak has already exacted a toll on Africa’s economy, with low and middle-income countries experiencing negative impacts in several sectors, including tourism, agriculture, and health.
The World Bank's Africa’s Pulse report warns that the first recession in sub-Saharan Africa in twenty-five years is about to descend on the region, noting that "growth in sub-Saharan Africa has been significantly impacted by the ongoing coronavirus outbreak and is forecast to fall sharply from 2.4 percent in 2019 to -2.1 to -5.1 percent in 2020."