Tuesday, September 27News That Matters

Report projects more financial woes for SADC Countries.

Share the story

By: Cathy Maulidi

A recently released report has shown that the current economic crisis could take more than a decade to reverse if countries in the SADC region proceed on the dangerous austerity path they have taken.

The report done by Oxfam, Norwegian Church Aid (NCA) and Development Finance International (DFI) has revealed that the COVID-19 pandemic has worsened poverty levels and inequalities in the Southern Africa thereby erasing hopes of countries meeting their national development plan targets to reduce poverty by 2030.

According to the report, there is also hope that countries can reverse the impact of the economic crisis in just three years, if good policies to support citizens are put in place.

However, the report has found that, countries in SADC have responded with belt-tightening measures that are likely to do more harm to people than good.

Further the report notes that, while the majority of SADC citizens have suffered from the pandemic, this is not the case with region’s wealthiest people as six wealthiest people, four in South Africa, one in Zimbabwe and Tanzania saw their wealth expanding from $18.1 Billion to $27.7 Billion representing a 42% increase during the two years of the pandemic.

“This increase is more than enough to fund a full COVID Vaccination Program (Plus a booster for everyone in SADC.”

“This wealth concertation by a small group of people has left a majority struggling to meet their most basic needs, such as quality education, healthcare and decent jobs.” says the report.

Furthermore, the report shows that the fifteen SADC member states lost about $80bn in 2020 due to lower-than-expected growth. which is equivalent to around $220 for every SADC citizen.

Speaking during the launch of the report, Dailes Judge, Programme Director for Oxfam in Southern Africa said the findings are shocking, but they confirm the reality of many countries in the natural resources-rich but

Related News
Gabon Opposition Leader Under House Arrest

The Gabonese opposition leader, Guy Nzouba-Ndama, has been placed under house arrest five days after he was detained at the Read more

Ramaphosa To Cut Short His Overseas Trip To Address Load-Shedding

Worsening power cuts have forced South African President Cyril Ramaphosa to cut short his current overseas visit to deal with Read more

Chakwera Speaks On Unifying Impact Of Late Queen Elizabeth II

The BBC has engaged President Chakwera on the life and values of fallen Queen Elizabeth the second. In an interview, Read more

Ruto Sworn In

Kenya's President William Ruto has been sworn in as the 5th President of Kenya at Moi International Sports Centre in Read more

Joyce Banda Tips African Leaders On Combating Economic Migration

Former President Dr. Joyce Banda, JB as fondly called, has called on African leaders to invest in women and youth Read more

Malawi Celebrates Silver Jubilee

Malawi Liverpool Welcome (MLW) Trust members of staff held a parade in the City of Blantyre earlier today as a Read more

EU to send military support to Mozambique to protect gas projects

The European Union said September 8 it would provide additional support to the African military mission in Mozambique as Islamist Read more

Zambia Reduces Internet Data Bundle Prices

By James Gwati- Zambia has reduced the prices of internet data bundles and has become the cheapest country to buy Read more

All Flags To Fly At Half Mast – Chakwera

President Dr Lazarus Chakwera has directed that flags should fly at half-mast with immediate effect following the passing of Her Read more

Chakwera Condoles The British Royal Family

President Dr Lazarus Chakwera and the First Lady Madam Monica Chakwera on behalf of the people of Malawi have expressed Read more

Share the story

Leave a Reply

Your email address will not be published.