COVID-19: IMF Says Africa To Lose $200bn
COVID-19: IMF Says Africa To Lose $200bn

The International Monetary Fund, IMF has predicted that Nigeria and other Sub-Saharan African countries will lose about 200 billion dollars in income at the close of 2020 fiscal year due to the coronavirus pandemic.

The Head of Research in the IMF’s African Department that publishes the Sub-Saharan Economic Outlook report, Papa N’Diaye, made this forecast in a podcast.

He added that by the end of 2020, the region will face income losses of about 200 billion dollars relative to what they were expecting 6 months ago.

The researcher also noted that in 2019, the income lost was about 100 billion dollars, stressing that failure to contain the virus will have terrible consequences on the Sub-Saharan African’s health care systems and the economies.

According to him, the zone is facing an extraordinary health and economic crisis that threatens to reverse much of the development progress it’s made in recent years.