Preview: Zamalek need to be more efficient in tight second-place fight    Palestinians warn Israel-UAE deal imperils Jerusalem's Al-Aqsa mosque    Libya sovereign fund to ask UN for freedom to invest billions    Lebanon alone must decide its own future, says Iran foreign minister    US to make coronavirus strain for possible human challenge trials    EU reaches deal with AstraZeneca for at least 300 million doses of potential COVID-19 vaccine    Leipzig's Nagelsmann relishing German coaching duel with Tuchel    Live score: Barcelona v Bayern Munich (UEFA Champions League)    Jailed Muslim Brotherhood leading member Essam El-Erian dies from heart attack    Germany: Optimistic we'll have a vaccine in coming months and certainly next year    EBRD provides $200mn for Egypt's trade, private business amid coronavirus    Egypt sends shipment of 14 tonnes of flour to Lebanon    Egypt records 129 new coronavirus cases, 26 deaths on Wednesday    UK enters recession after GDP dived by a record 20.4% in Q2    New Zealand locks down largest city after cases end 102-day run    Egypt's property developer SODIC profits drop 80% in H1    Egypt's senate elections 2020 trending on social media in few days    Egypt reopens Rafah border crossing for first time since April    168 new coronavirus cases, 24 deaths recorded on Tuesday    Egypt discusses Amazon expansion plans in the local market    Scramble for the Senate seats    French publisher's jarring memoir to be released in English    Breaking down barriers    Foreign currency takes a hit    The last piece of gold    Mohamed Mandour, guru of modern pottery    Lebanese demand change after government quits over Beirut explosion    Trump says ‘great' bond with China's counterpart changed after COVID-19    VIDEO: Al-Rehab residents vote in ُEgypt's Senate elections in highly organized manner    Netflix Egypt released its teaser images of Arabic original series, Ma Waraa Al Tabiaa    Egypt puts in place scheme ahead of Senate elections – ministry    African Champions League final will be played on Oct. 16-17, CAF says    Egypt invites Tesla's founder to visit Giza Pyramids after controversial tweets    No room to delay Egyptian Premier League games – EFA's board member    Egypt Cup games to resume after Premier League finishes: EFA    The Facebook Preacher's Search for Fame, and Egypt's Economy    Egypt's efforts in Libya to activate free will of Libyan people: Al-Sisi    Egypt calls on UNSC to address oil spill risks off Yemen coast    Egypt economically strong in face of COVID-19, reforms ongoing: International Cooperation Minister    Arafa Holding reports $144,000 COVID-19-related losses in April    Hyksos campaigns were internal takeover, not foreign invaders: study    COVID-19 affects Egypt sporting clubs    COVID-19 will soon turn to seasonal like swine flu: Presidential Health Advisor    ‘Egypt's Support' coalition convenes to discuss its Senate election list    Robbery attempt leads to discovery of Ptolemaic monuments in Qena    Flouting international guidance, Ethiopia unilaterally starts filling its Nile dam    Google ‘translate' ancient Egyptian hieroglyphs    Zaha speaks out after online racial abuse    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





$50 bln more required for middle-and low-income Arab countries to recover from COVID-19: ESCWA
Published in Ahram Online on 03 - 07 - 2020

Fiscal stimulus packages announced by Arab Governments, amounting to about $102 billion, are not sufficient for recovery from COVID-19, according to a study conducted by ESCWA on Saturday.
These packages are deemed insufficient “as low- and middle-income countries need at least an additional $50 billion to mitigate impact.”
A new policy brief issued on Saturday by the United Nations Economic and Social Commission for Western Asia (ESCWA) sheds light on this deficit, and offers solutions for the Arab region to bridge financing gaps and recover better.
The region's fiscal stimulus plans constitute only 1% of global ones in terms of cost, and Arab central banks' measures to inject additional liquidity amount to nearly 3% of global liquidity support. Average government fiscal stimulus as a share of gross domestic product (GDP) is nearly 4% in the region, which is about one third only of the global stimulus share of GDP.
Commenting on those figures, ESCWA Executive Secretary Rola Dashti said: “Our region is in dire need for more. Stimulus effectiveness will also require appropriate channelling of investments, through smart spending, into survival—survival of people and survival of businesses.”
According to the study, 94% of the announced stimulus to businesses in the region consists of soft loans, in addition to other measures such as interest deferment and cash-flow assistance. The study also highlights lack of unemployment support, with only few Arab countries providing compensation to employees who have lost jobs due to the pandemic.
The study concludes with recommendations on additional recovery measures. It proposes that official creditors extend debt service moratorium to highly indebted Arab middle-income and least developed countries, which can free up about $15 billion in foreign currency. It also calls for increased access to concessional loans for improved Sustainable Development Goal (SDG) financing.
As she stressed the importance of upholding global commitments on official development assistance (ODA) delivery, at least by maintaining current levels to avert possible shortfalls in health spending in the region, Dashti added: “Wealthiest countries need to stand in solidarity and contribute to a regional social solidarity fund that would support the poor and vulnerable, and create opportunities for them.”
The policy brief is part of a series of impact assessments of COVID-19 undertaken by ESCWA to support Arab Governments in joining efforts to mitigate the effects of the pandemic.


Clic here to read the story from its source.