Question

Institutional/Policy responses of African States to the SARS-CoV-2 pandemic

Target (4 Pages )

Answer 1

As per guidelines I'm giving the keypoints to answer the question.

The key policy responses governments are taking to limit the impact on human and economic by SARS-CoV-2 pandemic target in African states are :-

1. The government prepared supplementary finance law,which will incorporate the measures to mitigate the impact on economy by virus. In response to sharp decline in oil prices, authorities have announced their intention to lower current spending by 30% and it is gradually increased to 50% cut.
2. In response to impact on health by virus, the authorities increased health spending and gave a temporary wage premium for workers in health sector.
3. In response to economic crises, the authorities announced that :- a) The declaration and payment of income taxes for enterprises and individuals are postponed, except large enterprises. b) Households that are vulnerable were helped through in kind and cash transfers. c)There would be compensations which are unspecified for losses incurred by private firms.
4. Policy responses relatedrMonterey and Macro financial are the bank lowered the reserve requirement ratio from 10% to 8% and it's main policy rate is lowered to 3.25 percent from 25 basis points.
5. The Banks are also allowed the extension of payments of some loans without a need to provision against them.
6. An electronic platform for foreign exchange transactions introduced by the Central bank, which will be progressively extended for all such transactions.
7. Inorder to fight the Covid-19 outbreak in the countries, The National assembly approved a package of revenue and expenditure measures, also for minimising the economical crisis faced during this virus outbreak period.