Singapore has delivered a second stimulus package of about 33 billion US dollars in a bid to fight the coronavirus outbreak, The country drew on national reserves for the first time since the global financial crisis to support an economy heading for recession.

The city-state’s gross domestic product fell an annualized 10.6 percent in the first quarter from the previous three months. This is worse than the median forecast for an 8.2 percent contraction. The government said it now sees a sharp contraction in the economy of 1 percent to 4 percent for the full year.

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India has announced a 22 billion dollar bailout for the country’s poor to help counter the economic effects of the Covid-19 outbreak.

India's finance minister, Nirmala Sitharaman, said the package, which includes free food and cash transfers, was for “those who need immediate help”.

She also said health workers would get medical insurance of up to 66,500 dollars.

The stimulus package amounts to 1% of India's GDP which is a stark contrast to the US and Singapore which are spending about 10% of their GDP on similar packages.

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Figures from the US labour department has shown more than three million people in the US applied for unemployment benefit last week. The figure breaks the record set in 1982 when unemployment claims hit 695,000.

It comes as officials in states across the country close restaurants, bars, cinemas, hotels and gyms. Car firms have halted production and air travel has plummeted.

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The International Monetary Fund says the spread of coronavirus into sub-Saharan Africa will hit the region’s economic growth hard. The Fund, in a blog post on its website, is predicting direct disruptions to people’s livelihoods, tighter financial conditions, reduced trade and investment as well as a steep drop in commodity prices. The IMF adds that top officials in its Africa Department said they have received requests for emergency financing from over 20 nations in the region and expect at least 10 more soon.

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Administrators of South African Airways say the airline's creditors have authorised an extension of the deadline for a business rescue plan. The plan, which was initially set for 31st March has now been shifted to May 29.

The state-owned airline entered a form of bankruptcy protection in December and is fighting for its survival. The specialists appointed to try to save the airline requested the latest extension for the rescue plan because of the global coronavirus pandemic.

SAA has not made a profit since 2011 and has received more than 20 billion rand in bailouts in the past three years.

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South Africa’s rand was weaker early on Thursday.

At 0630 GMT, the South African currency was 0.4% weaker at 17 rand, 40 cents per dollar, snapping a two-session rally that had driven the unit to 17 rand, 19 cents, its firmest since Friday.

Bonds kicked-off firmer, with the yield on the benchmark paper due in 2026 down 10 basis points to 10.515%.

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The Ghana Real Estate Developers Association is appealing to government to impress on banks to renegotiate loan agreements with its members due to the economic impact of the COVID-19 pandemic.

According to the Association, government’s measures aimed at containing the spread of the disease, has negatively affected the construction industry due to the high number of people required at construction sites on a daily basis.

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Reuters news agency says the Nigerian Army is preparing to forcibly transfer the sick to hospital and enforce restrictions on movement in a bid to shield the country from coronavirus, and is leasing equipment for “possible mass burial”.

The memo from Army headquarters also outlines plans to protect government food storage from looters.

The memo said the army is suspending all leave passes for all personnel and called for them to be on “maximum security alert and be ready for deployment.”

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The All-commodity Terms of Trade index for Nigeria increased marginally by 0.81 percent in the fourth quarter of 2019 due to increases in the prices of vegetables, live animals, animal products and prepared foodstuffs.

The National Bureau of Statistics disclosed this in its “Commodity Prices Indices and Terms of Trade Q4 2019” report, adding that the increase is explained mainly by a 2.75 percent rise in the prices of goods traded with Asian countries.

This is even as the all-commodity group import index fell by 3.27 percent while group export index decreased by 2.6 percent.

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The Central Bank of Nigeria says it will remain operational during the COVID-19 period. In a statement, the CBN Director of Corporate Communication, Isaac Okoroafor said non-essential workers in its headquarters and 37 branches will stay at home and work remotely in the spirit of social distancing.

The apex bank adds that it has also directed Deposit Money Banks and other financial institutions to do same.

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