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On March 13, 2020, the Economic Commission for Africa (ECA) warned that the covid-19 coronavirus crisis could seriously dent Africa’s already stagnant growth.

Oil-exporting nations could lose up to US$ 65 billion in revenues as crude oil prices continue to tumble. Having already strongly hit Africa’s major trading partner, China, covid-19 was inevitably impacting Africa’s trade.

ECA Executive Secretary, Vera Songwe, said: “Africa may lose half of its GDP with growth falling from 3.2 per cent to about 2 per cent due to a number of reasons which include the disruption of global supply chains.”

She added that the continent’s interconnectedness to affected economies of the European Union, China and the United States was causing ripple effects.

US$3-billion facility

Songwe said that Africa would need up to US$ 10.6 billion in unanticipated increases in health spending to curtail the virus from spreading, while on the other hand revenue losses could …