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Government and institution measures in response to COVID-19.
Government and institution measures in response to COVID-19.
Return to homepage | Last updated: 24 June, 2020
General Information
On May 18, the health crisis management committee decided to relax some of the containment measures, including reopening of (i) restaurants and grills; (ii) stores, shops and markets. Urban public transportation has resumed subject to a maximum number of passengers (4 for taxis and 10 for minibuses). On June 25, classes will resume for graduating classes in the elementary, middle and high schools, as well as universities. Worship places will also reopen on June 25. The resumption of travel flights is being examined.
Tax measures – Direct and Indirect
(e.g. payment deferrals, rate reductions…)
Click to see a comprehensive summary of jurisdictional tax measures and government reliefs in response to COVID-19.
Economic stimulus measures
(e.g. loans, moratorium on debt repayments…)
- On March 27, 2020, BEAC announced a set of monetary easing measures including a decrease of the policy rate by 25 bps to 3.25 percent, a decrease of the Marginal Lending Facility rate by 100 bps to 5 percent, a suspension of absorption operations, an increase of liquidity provision from FCFA 240 to 500 billion, and a widening of the range of private instruments accepted as collateral in monetary operations.
- The MPC also supported BEAC’s management’s intent to propose to reduce haircuts applicable to private instruments accepted as collateral for refinancing operations, and to postpone by one-year principal repayment of consolidated central bank’s credits to member states, but these possible additional measures are not effective yet.
- On March 25, 2020, the COBAC informed banks that they can use their capital conservation buffers of 2.5 percent to absorb pandemic-related losses but requested banks to adopt a restrictive policy with regard to dividend distribution.
Other measures and sources
- training of medical and technical staff,
- purchase of necessary medical equipment,
- construction of seven health centers in remote areas,
- construction of three mobile hospitals, and
- securely managing entry points.
