LDCs Dialogue with the Deputy Secretary-General on COVID-19
As of 12 April 2020, according to WHO, there were confirmed cases in 41 of the 47 Least Developed Countries (LDCs). The number of confirmed cases in the LDCs is so far relatively low. However, these low numbers may partly reflect limited testing capacities across these countries.
LDCs economies are already being heavily impacted by the global recession caused by COVID-19.
The LDCs are already facing severe and growing fiscal and current account deficits. Attending to these will be a major priority of any global response.
LDCs’ biggest trading partners, in terms of export destination and sources of raw materials, are the advanced economies of the North and the South. As a result of the slow-down of the economy of the trading partners of LDCs, LDCs exports will plunge and the breakdown of the supply chain will disrupt the export capacity of LDCs. Commodity exporting, especially oil exporting LDCs are at a great risk economic slowdown due to the price fall.
Market fluctuations together with the global economic contraction has already had massive impacts on prices of primary commodities. The impacts of price declines will be devastating for LDCs share of global trade and their foreign exchange revenues. Development partners should be ready to step in to assist with budgetary crises.
DIALOGUE WITH THE DEPUTY SECRETARY-GENERAL
On 28 April, 2020 the United Nations Deputy Secretary-General will meet (virtually) with ambassadors of the group of LDCs to discuss the impact of COVID-19 on the LDCs and the support measures which have been put in place to support this group of countries in tackling the pandemic.
Photo: Post-Cyclone Idai response in Sofala Province, Mozambique. WFP/Rafael Campos