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<p>2020 marks the fifth year since the launch of the United Nations Sustainable Development Goals. It also means that there are ten years left to achieve the systemic changes needed to reach the Sustainable Development Goals by 2030. So how can organisations drive these changes? Omobolanle Victor-Laniyan, Head of Sustainability at Access Bank joins CNBC Africa for more.</p>


Access Bank on the role of business in achieving SDGs

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<p>Egypt recently sent a letter to the United Nations Security Council protesting Ethiopia’s plan to start filling the reservoir of the controversial Grand Ethiopian Renaissance Dam. Analyst Mikael Arage spoke to CNBC Africa on this and the situation on COVID-19.</p>


Egypt lodges complaint with the UN over Ethiopia’s Nile dam


<p>By <em>Akinwumi Adesina, President of the&nbsp;</em><a rel="noreferrer noopener" href="https://www.afdb.org/en" target="_blank"><em>African Development Bank</em></a></p>



<p>These are very difficult days, as the world faces one of its worst challenges ever: the novel coronavirus pandemic. And it seems almost no nation is spared. As infection rates rise, so does panic across financial markets, as economies drastically slow down, and supply chains are severely disrupted.&nbsp;</p>



<p>Extraordinary times call for extraordinary measures. As such, it can no longer be business as usual.&nbsp;</p>



<p><strong>FOR MORE ON COVID-19 VISIT:</strong>&nbsp;<a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a></p>



<p>Each day, the situation evolves and requires constant reviews of precautionary measures and strategies. In the midst of all this, we must all worry about the ability of every nation to respond to this crisis. And we must ensure that developing nations are prepared to navigate these uncharted waters fully.&nbsp;</p>



<p>That&#8217;s why I support the UN Secretary-General Antonio Guterres&#8217; urgent call for special resources for the world&#8217;s developing countries.&nbsp;</p>



<p>In the face of this pandemic, we must put lives above resources and health above debt. Why? Because developing economies are the most vulnerable at this time. Our remedies must go beyond simply lending more. We must go the extra mile and provide countries with much-needed and urgent financial relief &#8211; and that includes developing countries under sanctions.&nbsp;</p>



<p>For decades, sanctions have decimated investments in public health care systems in quite a number of countries<a href="#_ftn1">[1]</a>.&nbsp;Today, they are unable to face up to a clear and present danger that now threatens our collective existence<a href="#_ftn2">[2]</a>.</p>



<p>Only those that are alive can pay back debts.&nbsp;&nbsp;</p>



<p>Sanctions work against economies but not against the virus. If countries that are under sanctions are unable to respond and provide critical care for their citizens or protect them, then the virus will soon &#8220;sanction&#8221; the world.</p>



<p>In my Yoruba language, there is a saying, &#8220;be careful when you throw stones in the open market. It may hit a member of your family.&#8221;&nbsp;&nbsp;</p>



<p>That&#8217;s why I also strongly support the call by the UN Secretary-General that debts of low-income countries be suspended and in these fast-moving and uncertain times.&nbsp;</p>



<p>But I call for even bolder actions, and there are several reasons for doing so.&nbsp;</p>



<p>First, the economies of developing countries, despite years of great progress, remain extremely fragile and ill-equipped to deal with this pandemic. They are more likely to be buried with the heavy fiscal pressure they now face with the coronavirus.&nbsp;</p>



<p>Second, many of the countries in Africa depend on commodities for export earnings. The collapse of oil prices has thrown African economies into distress. They simply are not able to meet budgets as planned under pre-coronavirus oil price benchmarks<a href="#_ftn3">[3]</a>.</p>



<p>The impact has been immediate in the oil and gas sector, particularly affecting eight countries -Algeria, Angola, Chad, Egypt, Equatorial Guinea, Gabon, Nigeria, and the Republic of Congo- that between them generate nearly half of Africa&#8217;s GDP<a href="#_ftn4">[4]</a>.&nbsp;</p>



<p>Those exporting other commodities besides oil, such as agricultural produce or minerals and metals, are facing drastic cuts in demand<a href="#_ftn5">[5]</a>. In the current environment, there is an acute shortage of buyers who, for understandable reasons, have re-allocated resources to addressing the COVID-19 pandemic. African countries that depend on tourism receipts as a key source of revenue are also in a straight-jacket.&nbsp;</p>



<p>Third, while rich countries have resources to spare, evidenced by trillions of dollars in fiscal stimulus, developing countries are hampered with bare-bones resources.&nbsp;</p>



<p>The fact is, if we do not collectively defeat the coronavirus in Africa, we will not defeat it anywhere else in the world. This is an existential challenge that requires all hands to be on deck. Today, more than ever, we must be our brothers and sisters&#8217; keepers.&nbsp;&nbsp;</p>



<p>Around the world, countries at more advanced stages in the outbreak are announcing liquidity relief, debt restructuring, forbearance on loan repayments, relaxation of standard regulations and initiatives. In the United States, packages of more than $2 trillion have already been announced, in addition to a reduction in Federal Reserve lending rates and liquidity support to keep markets operating. In Europe, the larger economies have announced stimulus measures in excess of 1 trillion Euros. Additionally, even larger packages are expected.&nbsp;</p>



<p>As developed countries put in place programs to compensate workers for lost wages for staying at home for social distancing, another problem has emerged &#8212; fiscal distancing.</p>



<p>Think for a moment what this means for Africa.&nbsp;</p>



<p>The African Development Bank estimates that COVID-19 could cost Africa a GDP loss between&nbsp;$22.1 billion (see attached Bank report), in the base-case scenario, and $88.3 billion in the worst-case scenario. This is equivalent to a projected GDP growth contraction of between 0.7 and 2.8 percentage points in 2020. It is even likely that Africa might fall into recession this year if the current situation persists.</p>



<p>The Covid-19 shock will further squeeze fiscal space in the continent as deficits are estimated to widen by 3.5 to 4.9 percentage points, increasing Africa&#8217;s financing gap by an additional $110 to $154 billion in 2020.&nbsp;</p>



<p>Our estimates indicate that Africa&#8217;s total public debt could increase, under the base case scenario, from $1.86 trillion at the end of 2019 to over $2 trillion in 2020, compared to $1.9 trillion projected in a no-pandemic scenario. These figures could reach $2.1 trillion in 2020 under the worst-case scenario.</p>



<p>This, therefore, is a time for bold actions. We should temporarily defer the debt owed to Multilateral Development Banks and International Financial Institutions. This can be done by re-profiling loans to create fiscal space for countries to deal with this crisis.&nbsp;&nbsp;</p>



<p>That means that loan principals, due to International Financial Institutions in 2020, could be deferred. I am calling for temporary forbearance, not forgiveness. What&#8217;s good for bilateral and commercial debt must be good for multilateral debt.</p>



<p>That way, we will avoid moral hazards, and rating agencies will be less inclined to penalize any institution on the potential risk to their Preferred Creditor Status.&nbsp; The focus of the world should now be on helping everyone, as a risk to one is a risk to all. There is no coronavirus for developed countries and a coronavirus for developing and debt stressed countries. We are all in this together.&nbsp;&nbsp;</p>



<p>Multilateral and bilateral financial institutions must work together with commercial creditors in Africa, especially to defer loan payments and give Africa the fiscal space it needs. We stand ready to support Africa in the short term and for the long haul. We are ready to deploy up to $50 billion over five years in projects to help with adjustment costs that Africa will face as it deals with the knock-on effects of COVID-19, long after the current storm subsides.&nbsp;</p>



<p>But more support will be needed. Let&#8217;s lift all sanctions, for now. Even in wartime, ceasefires are called for humanitarian reasons. In such situations, there is a time to pause for relief materials to reach affected populations. The novel coronavirus is a war against all of us. All lives matter. For this reason, we must avoid fiscal distancing at this time. A stitch in time will save nine.&nbsp;&nbsp;</p>



<p>Social distancing is imperative now. Fiscal distancing is not.&nbsp;&nbsp;&nbsp;</p>



<p></p>



<hr class="wp-block-separator"/>



<p><a href="#_ftnref1">[1]</a>&nbsp;(<a href="https://www.odi.org/publications/384-impact-economic-sanctions-health-well-being" target="_blank" rel="noreferrer noopener">https://www.odi.org/publications/384-impact-economic-sanctions-health-well-being</a>, page 15)</p>



<p><a href="#_ftnref2">[2]</a> (<a href="https://www.ghsindex.org/" target="_blank" rel="noreferrer noopener">https://www.ghsindex.org/</a>)</p>



<p><a href="#_ftnref3">[3]</a> AEO 2020&nbsp;<a href="https://www.afdb.org/en/knowledge/publications/african-economic-outlook" target="_blank" rel="noreferrer noopener">https://www.afdb.org/en/knowledge/publications/african-economic-outlook</a>)</p>



<p><a href="#_ftnref4">[4]</a> (AEO 2020&nbsp;<a href="https://www.afdb.org/en/knowledge/publications/african-economic-outlook" target="_blank" rel="noreferrer noopener">https://www.afdb.org/en/knowledge/publications/african-economic-outlook</a>)</p>



<p><a href="#_ftnref5">[5]</a> <a href="https://www.opec.org/opec_web/en/press_room/5870.htm" target="_blank" rel="noreferrer noopener">https://www.opec.org/opec_web/en/press_room/5870.htm</a>&nbsp;&#8211; <a href="https://edition.cnn.com/2020/03/08/investing/oil-prices-crash-opec-russia-saudi-arabia/index.html">https://edition.cnn.com/2020/03/08/investing/oil-prices-crash-opec-russia-saudi-arabia/index.html</a></p>


adesina

Op-Ed: Why the COVID-19 pandemic is no time for fiscal distancing

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According to a report by the International Monetary Fund it will take the more than 95 years to bridge the financial economic gap between men and women at the current pace, but could we get there faster? CNBC Africa&#8217;s Arnold Kwizera talked to UN Women representative in Rwanda, Fatou Lo for more.</p>


Fatou Lo on how to bridge the gender pay gap

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According to UN’s Food and Agriculture Organization, there is worry that there may be a second round of desert locust invasion. In what is emerging as a new cycle of infestation, experts say significant numbers of hatchlings have been spotted along migratory paths that had already suffered a first round of incursion. Dr. Muo Kasina, Chair of Entomology Society of Kenya, in the country’s Agriculture and Livestock Research Organization joins CNBC Africa for more.</p>


Desert locust invasion threatens food security in Kenya

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According to the United Nations General Assembly, International Day of Women and Girls in Science is celebrated annually on the 11th day of February. In the past, long-standing biases and gender stereotypes are steering girls and women away from science related fields. Charity Wayua, Scientist at IBM Africa joins CNBC Africa on the impacts achieved thus far.</p>


IBM Africa on how to change the narrative on African women in science

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The Interim Director of One Africa, Edwin Ikhuoria, says to silence the guns of conflict in Africa, the continent’s leaders must first deal with the root cause which is unemployment. Ikhuoria argues that if youths are employed, they will not be available to be radicalised. He discussed this and more with CNBC Africa’s Godfrey Mutizwa on the side-lines of the concluded 33rd African Union Summit.</p>


AU Summit 2020: “This is the year of dealing with root causes of conflicts in Africa” – One Africa’s Edwin Ikhuoria

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The Commissioner for Trade and Industry at the African Union, Albert Muchanga, says the union is ready for the commencement of trade under the African Continental Free Trade Agreement on the first of July this year. While speaking to CNBC Africa’s Godfrey Mutizwa, Muchanga added that the union is almost done with its work on the rules of origin. They discussed this and more on the sidelines of the 33rd African Union Summit.</p>


AU Summit 2020: AFCFTA: How prepared is Africa for July 1st?

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The Community for Eastern and Southern African States (COMESA) sees the creation of the Africa Continental Free Trade Area as further enhancement of its work and a bigger opportunity for business from the region rather than as a threat. CNBC Africa caught up with the COMESA Secretary General, Chileshe Kapwepwe on the side-lines of the AU summit.</p>


AU Summit 2020: Chileshe Kapwepwe brekas down COMESA’s 3 pillars of development

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Silencing the guns is a slogan at this year’s AU summit as part of this the continental body held discussions on the role of women in this initiative. CNBC Africa spoke to UNECA&#8217;s Executive Director, Vera Songwe for more.</p>


AU Summit 2020: UNECA on the role of women in promoting development & security in Africa

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Minister in the presidency, Jackson Mthembu spoke to CNBC Africa’s Godfrey Mutizwa on the side-lines of the 33rd African Union Summit in Addis Ababa about South Africa&#8217;s approach to its stewardship of the continent following its first stint 2002.</p>


AU Summit 2020: Minister Mthembu on SA’s agenda at the summit

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The African Development Bank (AfDB) has warned that a failure to end conflicts on the continent will undermine plans to accelerate economic integration on the continent. AfDB President Akinwumi Adesina spoke to CNBC Africa on the side-lines of the on-going African Union Summit.</p>


AU Summit 2020: Africa’s youth are our greatest asset & we have to invest in them – Adesina

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The President of African Export-Import Bank, Benedict Oramah says there is political will and support towards initiatives and tasks set out by the bank across Africa. He spoke to CNBC Africa’s Godfrey Mutizwa on the sidelines of the 33rd African Union Summit to share his thought on political support on the continent.</p>


AU Summit 2020: Afreximbank President Oramah: Political will remains key to African free trade

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Nkosazana Dlamini-Zuma, former AU Chairperson and South Africa&#8217;s Minister of Cooperative Governance and Traditional Affairs spoke with CNBC Africa’s Godfrey Mutizwa on the progress of Agenda 2063 and the work that needs to done to achieve the goals.</p>


AU Summit 2020: Dlamini-Zuma on the progress of Agenda 2063

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The 37th African Union Development Agency &#8211; NEPAD Heads of State and Government Orientation Committee (HSGOC) Session took place over the weekend and there, Rwandan President Paul Kagame was elected Chairperson of one of its new agencies that will drive the continent towards achieving Agenda 2063 . CNBC Africa spoke to Ibrahim Mayaki, CEO of NEPAD, for more.</p>


AU Summit 2020: 37th HSGOC Session – Kagame tasked with driving Agenda 2063

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South African president Cyril Ramaphosa flew off from Waterkloof air base near Johannesburg to take up the reins of the African Union. He is on the way to Addis Ababa to take up the chair of the AU on behalf of South Africa.  CNBC Africa&#8217;s Kopano Gumbi filed this report.</p>


AU Summit 2020: Ramaphosa on assuming the AU Chairmanship & what it means for SA

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The second day of the African Union is underway and CNBC Africa&#8217;s Godfrey Mutizwa asked South African Minister of International and Cooperation, Naledi Pandor, about key issues that have been addressed so far and what agenda South Africa is bringing to the African Union as chair.</p>


UN

Access Bank on the role of business in achieving SDGs

Egypt lodges complaint with the UN over Ethiopia’s Nile dam

Op-Ed: Why the COVID-19 pandemic is no time for fiscal distancing

Fatou Lo on how to bridge the gender pay gap

Desert locust invasion threatens food security in Kenya

IBM Africa on how to change the narrative on African women in science

AU Summit 2020: “This is the year of dealing with root causes of conflicts in Africa” – One Africa’s Edwin Ikhuoria

AU Summit 2020: AFCFTA: How prepared is Africa for July 1st?

AU Summit 2020: Chileshe Kapwepwe brekas down COMESA’s 3 pillars of development

AU Summit 2020: UNECA on the role of women in promoting development & security in Africa

AU Summit 2020: Minister Mthembu on SA’s agenda at the summit

AU Summit 2020: Africa’s youth are our greatest asset & we have to invest in them – Adesina

AU Summit 2020: Afreximbank President Oramah: Political will remains key to African free trade

AU Summit 2020: Dlamini-Zuma on the progress of Agenda 2063

AU Summit 2020: 37th HSGOC Session – Kagame tasked with driving Agenda 2063

AU Summit 2020: Ramaphosa on assuming the AU Chairmanship & what it means for SA

AU Summit 2020: Addressing conflicts on the continent key to achieving Agenda 2063 goals – Naledi Pandor

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UN

Access Bank on the role of business in achieving SDGs

Egypt lodges complaint with the UN over Ethiopia’s Nile dam

Op-Ed: Why the COVID-19 pandemic is no time for fiscal distancing

Fatou Lo on how to bridge the gender pay gap

Desert locust invasion threatens food security in Kenya

IBM Africa on how to change the narrative on African women in science

AU Summit 2020: “This is the year of dealing with root causes of conflicts in Africa” – One Africa’s Edwin Ikhuoria

AU Summit 2020: AFCFTA: How prepared is Africa for July 1st?

AU Summit 2020: Chileshe Kapwepwe brekas down COMESA’s 3 pillars of development

AU Summit 2020: UNECA on the role of women in promoting development & security in Africa

AU Summit 2020: Minister Mthembu on SA’s agenda at the summit

AU Summit 2020: Africa’s youth are our greatest asset & we have to invest in them – Adesina

AU Summit 2020: Afreximbank President Oramah: Political will remains key to African free trade

AU Summit 2020: Dlamini-Zuma on the progress of Agenda 2063

AU Summit 2020: 37th HSGOC Session – Kagame tasked with driving Agenda 2063

AU Summit 2020: Ramaphosa on assuming the AU Chairmanship & what it means for SA

AU Summit 2020: Addressing conflicts on the continent key to achieving Agenda 2063 goals – Naledi Pandor

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