Ethiopia COVID-19 Emergency Response Project (Parent Project First and Second Additional Financing)

Abstract

The COVID-19 outbreak is affecting supply chains and disrupting manufacturing operations around the world. The outbreak has already caused significant loss of life, disruptions in global supply chains, and economic losses in both developed and developing countries. Economic activity has fallen in the past months and is expected to remain depressed for months. It is expected that the impacts of the pandemic will last long. The outbreak is taking place at a time when global economic activity is facing uncertainty and governments have limited policy space to act. The length and severity of impacts of the COVID-19 outbreak will depend on the length and location(s) of the outbreak, as well as on whether there are concerted, fast track response to support developing countries, where health systems are often weaker. With proactive containment measures, the loss of life and economic impact of the outbreak could be arrested. It is hence critical for the international community to work together on the underlying factors that are enabling the outbreak, on supporting policy responses, and on strengthening response capacity in developing countries – where health systems are weakest, and hence populations most vulnerable.