A study by the Africa Union has shown that about 20 million jobs are at risk in Africa as the continent’s economies are projected to shrink this year due to the impact of the coronavirus pandemic.The study titled "Impact of the coronavirus on the Africa economy" projects that GDP across the continent will shrinkBefore the onset of the pandemic, continent-wide gross domestic product growth had been projected by the African Development Bank to reach 3.4% this year. Under what the AU researchers deemed their realistic scenario, Africa’s economy will now shrink 0.8%, while the pessimistic scenario said there would be a 1.1% dip. The study says up to 15% for foreign direct investment could disappear.Exports and imports are projected to drop at least 35% from 2019 levels, incurring a loss in the value of trade of around 270 billion dollars.--- Support this podcast: https://anchor.fm/newscast-africa/support

Malawi’s president and cabinet will take a 10 percent salary cut and redirect the money towards the fight against coronavirus. President Peter Mutharika made the announcement over the weekend as he announced a stimulus package in an address on state television.President Mutharika also announced a number of measures aimed at cushioning small- and medium-sized businesses. These include tax breaks, a reduction in fuel prices and an increase in risk allowances for health workers.He also ordered the country’s Competition and Fair Trading Commission to put in place strict monitoring of price controls and punish anyone found increasing prices at the expense of Malawians.--- Support this podcast: https://anchor.fm/newscast-africa/support

A survey has shown that Egypt’s non-oil private sector activity contracted at a far faster rate in March than in February as the coronavirus-induced economic slowdown spread across the globe. IHS Markit’s Purchasing Managers’ Index for the non-oil private sector came in at 44.2 last month, down from 47.1 in February and far below the 50.0 threshold that separates growth from contraction.It was the sharpest contraction since January 2017, shortly after Egypt put in place austerity measures as part of an IMF-backed economic reform programme signed in November 2016.--- Support this podcast: https://anchor.fm/newscast-africa/support

Egypt has postponed the launch of mega-projects including the grand Egyptian Museum. President Abdel Fattah al-Sisi made the announcement over the weekend, saying the mega-projects include moving civil servants to a planned new capital city to 2021. The presidency said the postponement was due to the coronavirus outbreak.Sisi’s government has said it wants to start running Egypt from the new city, located 45 km east of Cairo, as soon as the middle of 2020. However, the 58 billion dollar project has struggled to raise funds and faced other challenges after some investors pulled out.--- Support this podcast: https://anchor.fm/newscast-africa/support

Tunisia’s annual inflation rate rose to 6.2 percent in March. This is according to official data released on Sunday. It is the first rise in six months. In February, inflation was at 5.8 pct.--- Support this podcast: https://anchor.fm/newscast-africa/support

Nollywood Actress, Funke Akindele and her husband, AbdulRasheed Bello popularly known as JJC Skillz, have pleaded guilty to one-count of hosting a gathering of over 20 persons, contrary to the social distancing directives of the Lagos State Government. The actress and her husband were arraigned on Monday at the Samuel Ilori Courthouse of the Magistrate Court in Ogba, Lagos.A guilty charge comes with one-month imprisonment or a 100,000 naira fine.--- Support this podcast: https://anchor.fm/newscast-africa/support

Members of the Nigeria Governors Forum have urged the Federal Government to cancel all funds deductions from states. The governors also asked the Central Bank of Nigeria to restructure all commercial debt service payments from states.NGF Chairman, Governor Kayode Fayemi said this at the governor’s COVID-19 teleconference meeting held on Sunday. According to the statement, released after the meeting, the NGF also commended the presidential task force for leading a national response team for COVID-19 but emphasised the need for a stronger collaboration with the states. They insisted that such collaboration should include the administration of palliatives to mitigate the impact of the pandemic.--- Support this podcast: https://anchor.fm/newscast-africa/support

Nigerian banks earned 212.66 billion naira in 2019 via increased investment in technology and introduction of new online payment channels. An analysis of the audited 2019 financial reports of 11 banks showed that their collective revenue from electronic transactions grew by 64 per cent year-on-year from 130.03 billion naira they earned in 2018. The analysis showed that incomes on electronic transactions were the highest of all the fees and commissions from various financial products of more than six banks.--- Support this podcast: https://anchor.fm/newscast-africa/support

Nigeria and the United Nations, on Monday, launched the COVID-19 Basket Fund to harmonise investments for the National Pandemic Response Plan. The Secretary to the Government of the Federation, Boss Mustapha, said the COVID-19 Basket Fund is designed to serve as a Financing and Investment Platform for stakeholders to channel their financial contributions to the multi-sectoral efforts of the Presidential Task Force on COVID-19 Response. He said the One COVID 19 Basket Fund was robust and capable of rapid procurement of equipment and consumables as well supporting socio-economic interventions of vulnerable groups. Mustapha added that the Basket Fund would also fund socio-economic measures, such as cash transfers or food distribution to vulnerable groups.--- Support this podcast: https://anchor.fm/newscast-africa/support

The Nigerian Governors' Forum has called on the Central Bank to suspend all funds deductions from states and restructure their debt repayments. The governors, in a communique, urged President Muhammadu Buhari to direct the suspension of the deductions of debts owed by the states till the end of the COVID-19 pandemic.They also said they would meet with the Presidential Task Force on COVID-19 to resolve the legality of the closure of interstate borders.--- Support this podcast: https://anchor.fm/newscast-africa/support