Ministers

EU finance ministers agree on coronavirus rescue deal

DEAL REACHED. French Economy Minister Bruno Le Maire (L) applauds past French Treasury Managing Director Odile Renaud-Basso (R) as they attend a European Union finance ministers meeting by videoconference in Paris on April 9, 2020. Photo by Ludovic Marin/AFP

DEAL REACHED. French Economy Minister Bruno Le Maire (L) applauds past French Treasury Managing Director Odile Renaud-Basso (R) as they attend a European Union finance ministers meeting by videoconference in Paris on April 9, 2020. Photo by Ludovic Marin/AFP

BRUSSELS, Belgium – European Union (EU) finance ministers agreed a 500-billion-euro rescue on Thursday, April 9, for European countries hit hard by the coronavirus epidemic, but put aside demands from Italy and France for pooled borrowing.

The breakthrough came after the Netherlands softened its position on the crucial question of making needy countries commit to economic reform and outside oversight in return for assistance.

The Hague had blocked the talks two days earlier by insisting that Italy, or any other country in need, deliver on governance targets – which Rome saw as a shocking demand during a health crisis.

“Today we answered our citizens’ call for a Europe that protects,” Eurogroup

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IGAD Finance Ministers Commit to Establish Emergency Fund to Combat COVID-19

CORONAVIRUS UPDATE

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The Ministers of Finance from the Intergovernmental Authority (IGAD) member states have committed to raise emergency fund to combat COVID-19 and mitigate its adverse economic effects.

The IGAD Executive Secretary Dr Workneh Gebeyehuconvened a video teleconference for the Finance Ministers on Thursday following the meeting of the regional Health Ministers the previous day.

The video teleconference was chaired by the Minister of Finance of Sudan, Dr. Ibrahim Elbadawi and attended by his counterpartsIlyas Moussa Dawaleh of Djibouti, Ahmed Shide of Ethiopia, Amb. Ukur Yatani Knacho of Kenya, Garang Mabior of South Sudan and Uganda’s Matia Kasaija.

The Minister of Finance of Sudan expressed the willingness of his country to ensure that ‘the COVID-19 doesn’t translate into a recession curve’ for the region and its people.

“The IGAD region ‘cannot afford to be complacent’ in the face of the current threat.

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