Several African economies are forecasted to see a sharp economic slowdown as a result of the coronavirus (COVID-19) pandemic. Productivity and output have fallen as targeted lockdowns in several countries disrupt agricultural sector supply chains, as well as constraining key services and industrial activities. The IMF in its June 2020 update, estimates that 2020 economic activity in Sub-Saharan Africa will contract by some 3.2%, reflecting a weaker external environment and measures to contain the COVID-19 outbreak. Several governments have announced both fiscal and monetary stimulus packages to mitigate the impact of the crisis, in addition to sourcing for emergency funds from multilateral creditors and debt relief packages. However, the implementation of fiscal policies to respond to COVID-19 would be through PFM systems, primarily the budget cycle. This webinar would look at the ability of PFM systems to meet COVID-19 challenges in Africa, namely: supporting fiscal objectives via finding offsetting savings for increased COVID‑19 related spending, and the preparation and delivery of fiscal stimulus packages, among others.
This webinar covered the following:
- PFM and fiscal policy implementation in Africa
- Fiscal laws, fiscal institutions and fiscal transparency
- Medium-term budgeting and tax revenue analysis
- PFM systems response to COVID-19 challenges in Africa