Ministers of Finances of Africa have requested for immediate resources of USD US100 billion for the emergency responses. The ministers concluding virtual meetings, according to the United Nations Economic Commission for Africa, have requested multilateral financial institutions, the World Bank, The IMF, the European Investment Bank, ECB, including the African Development Bank and other partner institutions like Afrexim bank and regional development banks to avail the urgently needed support as impacts of coronavirus are hugely felt across the continent. They stressed the need to avail such resources through budget support, or extended credit facilities, stressing the need to use existing structures to speed up the process.
NBE Raises Reserve Ratios to 10 Percent,Transitions to Market-Driven Interest Rate
The National Bank of Ethiopia has ordered commercial banks to hold a larger share of their deposits as reserves, responding to what it described as...
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