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Mena region to face $227bn in Covid-related losses in 2021


“Most Mena countries may find themselves in a post-pandemic world, stuck with a debt service bill sucking up resources that otherwise could be devoted to economic development,” said Ferid Belhaj, World Bank vice president for the Mena region.
The debt levels of oil-importing countries in the region could climb to 92 per cent of GDP this year, the Washington lender projected.
A recovery next year could prove challenging and will depend on a number of factors.
However, it will largely be contingent on efforts to contain the health crisis, according to Roberta Gatti, the World Bank’s chief Mena economist.
Economic recovery depends on the pace of Covid-19 vaccination campaigns and whether countries can use data to communicate clearly and assure tourists and foreign investors, said Ms Gatti. ....

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The FINANCIAL - MENA Economies Face Rapid Accumulation of Public Debt; Strong Institutions Will Be Key to Recovery

Accumulated Cost of the Pandemic Estimated to top $227 Billion by End of 2021, according to World Bank. The COVID-19 pandemic exacerbated long-standing development challenges in the Middle East and North Africa (MENA) region, contributing to a rise in poverty, a deterioration of public finances, an increase in debt vulnerabilities, and a further erosion of trust in government. ....

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