The Abu Dhabi Fund for Development will grant debt relief to low-income countries and companies from the developing world as the UAE backs a G20 plan to support economies grappling with the fallout from the Covid-19 pandemic. The fund said that it will suspend principal and interest repayments for eligible countries and businesses upon “request for forbearance”.

SOURCE: The National

Image credit: Not available

The UK Government will match the first £5 million of donations from the British public to the Disasters Emergency Committee’s (DEC) Coronavirus Appeal, International Development Secretary Anne-Marie Trevelyan announced on Tuesday 14 July. Money raised from the appeal will boost the work of 14 leading British charities, helping some of the world’s most vulnerable people deal with the pandemic, especially those living in refugee camps who have escaped from warzones.

SOURCE: UK Government

Image Credit: Islamic Relief

The Department for International Trade is reviewing its trade modelling to ensure that all of Britain’s new trade deals are specifically tailored to shape the country’s economy as it recovers from the impacts of Coronavirus. Modelling trade is an important part of the Department for International Trade’s negotiation capability. Given the significant global impact of Coronavirus, it’s an appropriate time for DIT to review its trade models, as free trade agreements will play a crucial role in our economic recovery.

SOURCE: UK Department of Foreign Trade

Image credit: Not available

African countries have pulled together to set up a one-stop shop to give the continent a fairer chance in the international scramble for Covid-19 test kits, protective equipment and any vaccines that emerge. The Africa Medical Supplies Platform will work like eBay or Amazon, unlocking access to supplies across the continent, and could save billions of pounds.

SOURCE: The Guardian

Image credit: Xinhua/Rex/Shutterstock

The Secretary-General of the African Continental Free Trade Area (AfCFTA) Secretariat, Mr Wamkele Mene, recently identified an efficient implementation of the intra-African free trade agreement as a critical tool in the hands of the continent’s leaders to stimulate and re-inject dynamism into Africa’s post-COVID-19 economy.

SOURCE: Business Hallmark

Image credit: AFP PHOTO

Governments’ economic responses to the COVID-19 pandemic have included an array of measures to help people and businesses weather the storm. Small and medium-size enterprises (SMEs) are in an especially difficult position. Plunging demand has forced them to lay off workers, and many don’t have the financial resources to survive in this climate. In many countries, up to one-third of SMEs could go bust within three months of when the pandemic began in their countries.1 But their viability will be critical to any postcrisis recovery: SMEs account for two-thirds of global employment and half of global GDP. A failure to protect them could put the entire global economy at risk.

SOURCE: Mc Kinsey

Image credit: Not available

At present, the COVID-19 pandemic is raging all over the world, and more than 200 countries on five continents are not spared. The health and lives of all human beings are seriously threatened. The world is in the worst public health crisis in nearly a century. Almost all countries have taken measures such as city lockdowns and border closures in order to protect themselves. For a time, pessimism, unilateralism and protectionism prevailed. At this critical moment, G20 parties put aside their differences, coordinated action and demonstrated international cooperation to fight COVID-19, which provided confidence and hope for the global response.

SOURCE: China Daily

Image credit: SONG CHEN/CHINA DAILY

We are witnessing a convergence of crises. The world is facing an unprecedented scale of human devastation from COVID-19 and communities are at risk of widespread destitution. The loss of lives is heart-breaking. The economic crisis has caused widespread hardship and uncertainty as swaths of the global workforce face unemployment, loss of income and mass workplace closures. This can only multiply global inequality, writes International Trade Union Confederation General Secretary and Global Commission on the Economy and Climate member Sharan Burrow.

SOURCE: EU Reporter

Image credit: Not available

The COVID-19 Project will develop WCO Guidelines for Customs administrations on business continuity and incident response in dealing with various disruptive scenarios represented by COVID-19 and other similar emergency situations on the basis of collected best practices. This project will also promote relevant WCO instruments and tools, in particular to WCO developing Members including Least Developing Countries (LDCs), through various assistance measures including national and regional training, considering each country’s individual situation and particular needs.

SOURCE: World Customs Organization

Image credit: WCO