BCEAO releases $ 6 billion for West African economies

The BCEAO has just made a liquidity injection of 3350 billion FCFA ($ 6 billion) at a fixed rate of 2% in favor of several banks of the UMOA. A total of 87 financial institutions participated in the operation. The Central Bank of West African States (BCEAO) made a further injection of liquidity to its member countries last week. In total, 3350 billion FCFA ($ 6 billion) were disbursed by the institution.

During the auction on September 14, 87 banks in the sub-region obtained an injection of liquidity at a fixed rate of 2%. With more than 1000 billion FCFA ($ 1.8 billion), it is the Ivory Coast which obtained the most important financing, ie 31% of the funds injected.

It is followed by Senegal with more than 580 billion FCFA ($ 1 billion), Mali with 466 billion FCFA (835 million $), Benin with 434.5 billion FCFA (777 million $) and Burkina Faso with 318 billion FCFA. ($ 569 million). Niger with 241.6 billion FCFA ($ 432 million), Togo with 219 billion FCFA (…

Coronavirus: 1.6 billion workers worldwide at risk of losing livelihoods

The economic consequences of confinement linked to the coronavirus pandemic are global and there should be a “huge impact on poverty”.  1.6 billion people worldwide, three-quarters of informal workers, are now facing "the immediate danger of their livelihoods being wiped out," warns the International Labor Organization (ILO), adding that almost - all work in units with less than 10 employees. Presenting a new ILO study on the economic consequences of containment linked to the coronavirus pandemic, the organisation's director general, Guy Ryder, told the media that it was to be expected to have "a huge impact in terms of of poverty ”.
Coronavirus: 1.6 billion workers worldwide at risk of losing livelihoods

While these people are among the most vulnerable in the labor market, "we must all think of the human suffering behind this figure," noted Guy Ryder, adding that these forecasts concern the second quarter. In the first month of the crisis alone, the income of informal workers fell by 60% worldwide. This translates into a fall of 81% in Africa and the Americas, 21.6% in Asia-Pacific and 70% in Europe and Central Asia. Without alternative sources of income, these workers and their families will no longer have a livelihood.

When employers and the self-employed are added up, some 436 million businesses in the most affected sectors worldwide are currently at high risk of serious disruption. More than half of them - some 232 million - are found in the wholesale and retail trade, currently one of the most affected sectors worldwide.

The situation is expected to worsen in the second quarter

"Millions of businesses around the world are struggling to keep their heads above water. They have no savings or no access to credit. Yet this is the true face of the working world. If we do not help them now, they will simply perish, "said Guy Ryder in a statement.

According to the report, the share of workers living in countries where closure of the workplace is recommended or required has fallen from 81% to 68% in the past two weeks, largely due to the lifting of closings in China.

ILO estimates that working hours worldwide fell in the first quarter by around 4.5% (equivalent to around 130 million full-time jobs, based on weekly hours) 48 hours) compared to the fourth quarter of 2019. In the second quarter, the situation should worsen further due to the extension and extension of the containment measures.

The greatest loss of working hours in the Americas

Over this period, the ILO estimates that total working hours worldwide should be down 10.5% from that of the quarter before the crisis. This equates to 305 million full-time jobs, which represents a clear deterioration from the previous estimate published two weeks ago of 195 million.

If the situation has worsened for all regions, estimates indicate that the Americas (-12.4%) and Europe and Central Asia (-11.8% for both regions) will experience the largest loss of working hours during this second quarter.

According to the ILO, the sectors most affected by the paralysis of the economy are accommodation and food services, industry, wholesale and retail trade, real estate and commercial activities.