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dc.description.abstractThe COVID-19 pandemic has given rise to a fiscal crisis, in particular in commodity-dependent countries, which had already exhausted their fiscal space through massive infrastructure spending financed largely through commercial loans. In 2019, over half of African countries had fiscal deficits above 3 per cent of gross domestic product (GDP), while 22 African countries had debt-to-GDP ratios above the average for Africa as a whole (61 per cent of GDP in 2019). In response to these fiscal pressures, the G20 countries and IMF have initiated programs to ease the liquidity constraints of low- and middle-income countries. The G20 countries are providing a standstill on the bilateral debt of 73 developing countries. Similarly, IMF is providing $10 billion in financing to African countries through its Catastrophic Containment and Relief Trust and its Rapid Credit Facility. However, given the enormity of the financing needed to adequately respond to the crisis, these funds can be viewed only as a first step in a series of response measures. It is in this context that many prominent individuals have advocated for additional support to be provided to developing countries in the form of special drawing rights (SDRs). The requests range from a call for new SDR allocations, to a request for wealthy countries to donate or lend portions of their current SDR allocations to low- and middle-income countries that are experiencing liquidity crises.en
dc.titleMaking special drawing rights work for COVID-19 economic reliefen
uneca.subject.fulltaxonomyUNBIS::ECONOMIC DEVELOPMENT AND DEVELOPMENT FINANCE::ECONOMIC CONDITIONS::ECONOMIC CRISISen
uneca.subject.fulltaxonomyUNBIS::ECONOMIC DEVELOPMENT AND DEVELOPMENT FINANCE::ECONOMIC CONDITIONS::FINANCIAL CRISISen
uneca.subject.fulltaxonomyUNBIS::ECONOMIC DEVELOPMENT AND DEVELOPMENT FINANCE::DEVELOPMENT::ECONOMIC INTEGRATIONen
uneca.subject.fulltaxonomyUNBIS::ECONOMIC DEVELOPMENT AND DEVELOPMENT FINANCE::PUBLIC FINANCE::BUDGET DEFICITSen
uneca.subject.fulltaxonomyUNBIS::GEOGRAPHICAL DESCRIPTORS::AFRICAen
uneca.subject.fulltaxonomyUNBIS::GEOGRAPHICAL DESCRIPTORS::AFRICAen
uneca.creatorCorporate.fulltaxonomyCorporate Authors::United Nations. Economic Commission for Africaen
ags.creatorCorporateUnited Nations. Economic Commission for Africaen
ags.subjectThesaurusECONOMIC CRISISen
ags.subjectThesaurusFINANCIAL CRISISen
ags.subjectThesaurusECONOMIC INTEGRATIONen
ags.subjectThesaurusBUDGET DEFICITSen
ags.subjectThesaurusAFRICAen
ags.subjectThesaurusAFRICAen
ags.descriptionNotesLibrary also has French edition under the title:"Les droits de tirage spéciaux au service de la reprise économique après le COVID-19".en
ags.publisherPlaceAddis Ababaen
ags.publisherNameUN.ECAen
ags.citationTitleECA POLICY BRIEFen
dc.date.accessioned2020-11-21T07:06:25Z
dc.date.available2020-11-21T07:06:25Z
dc.date.issued2020-04
dc.identifier.urihttps://repository.uneca.org/handle/10855/43831
uneca.workflow.processedtrue
uneca.language.supporteden
dc.format.extent5 p.:ill.
dc.languageeng
dc.typePolicy paper
ags.creatorCorporateUnited Nations. Economic Commission for Africa
ags.subjectThesaurusECONOMIC CRISIS
ags.subjectThesaurusFINANCIAL CRISIS
ags.subjectThesaurusECONOMIC INTEGRATION
ags.subjectThesaurusBUDGET DEFICITS
ags.subjectThesaurusAFRICA
ags.subjectClassification02.02.00 ECONOMIC CONDITIONS
ags.citationNumber2020
ags.availabilityNumber2020
ags.availabilityNumberb1198806x
ags.availabilityLocationECA-HQ
ags.rights.termsofusepublic
ags.JNb1198806x


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