African Development Bank Group Annual Meetings

While Africa has been relatively spared by the (direct) health consequences of COVID-19, the continent will likely face the most severe economic and social costs from the pandemic. Since the COVID–19 pandemic began in early 2020, governments have announced fiscal stimulus packages ranging in cost from about 0.02% of GDP in South Sudan to about 10.4% of GDP in South Africa. With the sluggish growth and increased need for financial resources to mitigate emerging challenges, fiscal deficits in Africa are projected to double, and debt levels to build up by an additional 10 percentage points of GDP by 2021. Thus, Africa must turn the COVID-19 crisis into opportunities. As the premier development finance institution in Africa, the Bank has appropriately scaled up its efforts to mobilize global resources (financial and non-financial) as well as knowledge and experience sharing to build Africa’s resilience in a post COVID-19 world. The proposed theme for the 2021 Annual Meetings is “Building Resilient Economies in Post COVID-19 Africa”. This theme is chosen to provide a framework for Governors of the Bank to share their experiences in addressing the COVID-19 pandemic and the policy responses/measures they are employing to rebuild their economies