Coronavirus Photograph:( AFP )
The African Development Bank had said earlier that it has created a $10 billion emergency fund to help the countries in the region fight the coronavirus pandemic
World Bank said today that sub-Saharan Africa could experience recession for the first time in 25 years due to coronavirus outbreak sweeping the world.
"We project that economic growth in Sub-Saharan Africa will decline from 2.4 percent in 2019 to -2.1 to -5.1 percent in 2020, the first recession in the region in 25 years," the World Bank said.
The African Development Bank had said earlier that it has created a $10 billion emergency fund to help the countries in the region fight the pandemic.
"Africa is facing enormous fiscal challenges to respond to the coronavirus pandemic effectively. The African Development Bank Group is deploying its full weight of emergency response support to assist Africa at this critical time," the bank's president Akinwumi Adesina said.
According to the African bank, $5.5 billion will be set aside for African Development Bank countries, and $3.1 billion for sovereign and regional operations for countries under the African Development Fund.
The coronavirus sweeping the world hasn't gained a major foothold in Africa but authorities fear that some of the poorest countries in the world which constitute the sub-Saharan region may face large scale social and medical upheaval if the virus enters those countries causing widespread damage triggering mass unrest.