The measures introduced worldwide to slow down the spread of COVID-19 have a significant socioeconomic impact on all countries. In low- and middle-income countries this impact is compounded by the limited financial, monetary and social instruments and the associated resilience at a state and societal level. Low- and middle-income countries need to engage on 3 central issues: (1) how to improve the efficacy of various fiscal and monetary interventions in a way that reflects their specific developmental context, (2) what viable (as opposed to available) financing options exist, with specific emphasis on vulnerable groups, and (3) how to align the COVID-19 stimulus with broader technological and social system transformation to support more climate-resilient and sustainable economies.
The Covid-19 Macroeconomic Policy Research in Africa (CoMPRA) project was initiated following a call for rapid response policy research to the Covid-19 pandemic by the International Development Research Centre (IDRC). The project’s overall goal is to inform macroeconomic policy development in response to the coronavirus pandemic by low and middle-income countries (LMICs) and development partners that result in more climate-resilient and gender responsive measures through evidence-based research. The project will focus broadly on Africa and specifically on Benin, Senegal, Tanzania, Uganda, Nigeria and South Africa.
The purpose of this event is two-fold: to introduce stakeholders to the CoMPRA project and to present initial research findings from the project. Initial research focussed on 4 different dimensions of Covid-19 on African countries: 1) the macroeconomic impact of the Covid-19 on African economies; 2) the policy response of African countries to the pandemic; 3) policy and finance options to promote environmental sustainability; and 4) how different policy options impact on marginalised groups. Findings from this research will be shared at this event.