Guinea: Ebola costs more than US$500m economic loss to Guinea

Conakry, Guinea (PANA) – The World Bank has estimated that Guinea will suffer economic loss of more than US$500m in 2015 because of the Ebola Virus Disease (EVD), according to a report obtained by PANA.

The international financial institution underlined that EVD was the cause to a decline in economic activities resulting from stagnation in mobility and trans-border trade.

The World Bank said the epidemic undermined the confidence of consumers and investors whose growth perspectives for 2015 had declined by -0.2% in Guinea, by 3% in Liberia and -2% in Sierra Leone, compared to forecasts of 4.3%, 6.8% and 8.9% respectively before the appearance of the EVD last year.

The three countries will record a cumulative loss in revenue of about US$1.6bn in 2015 – with Guinea losing US$500m, Liberia, US$200m, and Sierra Leone, US$900 m.

The cumulative impact on the public finance of the three countries was more than half a billion dollars in 2014, or almost 5% of their cumulative Gross Domestic Product (GDP).

The World Bank is presently engaged in the mobilization of about one billion dollars of funding in favour of these three countries in a bid to reduce the risks of decadence.

This financial aid comprises of US$518m from the International Agency for International Development (IAID) for urgent aid against the EVD and at least US$450m from the International Finance Society (IFS), an agency of the World Bank Group that focuses on facilitating trade, investment and employment in the three countries.
-0- PANA AC/IS/IBA/NA/MA 21Feb2015

21 february 2015 10:53:09

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