Economies are wrestling with the unprecedented impacts of the COVID19 pandemic. As the cases of the virus continue painting upward trajectories, economies are slowing down and going down on the other hand. Though the impact has far-reaching consequences hitting the world, it is forecast to be worse to the developing economies that have limited resources.
The challenges facing the economies have, in fact, partly to do with the measures being taken by governments. The dire situation is pushing countries to find smart ways of striking a balance between fighting the pandemic and keeping the economy intact. This is no option but a must!
So far, the mitigation efforts being taken by the government aim to ease the burden that some sectors and businesses have to face. Because of the international nature of the pandemic, the counter and mitigation efforts require the combination of international and national coordination.
The country has been demonstrating exemplary leadership in urging international financial organizations to provide debt relief and funnel financial support to African countries to cope up with the impact. These efforts have brought encouraging results with donors and financial institutions coming up with different alternative funding.
Locally, the government has introduced multiple steps to protect the loss of jobs. Besides, it is exploring financial resources which would help the economy continue operating.
From the provision of finance to small businesses to a temporary exemption, cancellation of taxes, the government is considering various alternatives measures to cope up with the economic impacts. These measures need to witness continuity and intensity as there are no one-size-fits-all solutions and a one-time campaign.
The measures which the government has to put in place should be vital both in curtailing the spread of the virus and the economic impact of the pandemic. The time also puts the onus on both the public and private sectors to work closely to ease the impacts. Above all, it behooves the public to take the required care to stymie the spread of the pandemic.
The Ethiopia Herald May 8, 2020
