en-us	In It Together: Protecting the Health of Africa’s People and their Economies 
zh-cn	共渡难关：保护非洲人民和经济的健康 

en-us	The growing presence of COVID‑19 in sub-Saharan Africa threatens the same human costs as elsewhere in the world. 
zh-cn	撒哈拉以南非洲地区的COVID‑19病例不断增加，可能带来与世界其他地区的一样的人员成本。

en-us	The economic costs could be just as devastating. 
zh-cn	经济成本可能同样是毁灭性的。 

en-us	Sweeping measures 
zh-cn	大规模措施 

en-us	For their part, countries in sub-Saharan Africa are acting decisively, taking sweeping measures to halt the advance of the virus, with limits on public gatherings, public safety campaigns, and similar measures. 
zh-cn	撒哈拉以南非洲国家在迅速行动，采取大规模措施遏制病毒传播，包括限制公共集会、开展公共安全宣传以及类似措施。 

en-us	But we also know that for society’s most vulnerable in the region, “social distancing” is not realistic. 
zh-cn	但我们知道，对于该地区最脆弱的群体而言，“保持社交距离”并不现实。

en-us	The notion of working from home is only possible for the few. 
zh-cn	仅有少数人才有可能在家工作。

en-us	So, difficult decisions to close borders (to people, but not essential goods) are even more important. 
zh-cn	所以，关闭边境（对于人，而不是必需物品）的艰难决定变得更加重要。

en-us	All the more so if we are to minimize added strain on already fragile health systems. 
zh-cn	如果我们想尽量减少本已脆弱的卫生体系承受的额外压力，就更是如此。 

en-us	From health crisis to global economic crisis 
zh-cn	从卫生危机到全球经济危机 

en-us	What began as a health crisis is now a major global economic crisis. 
zh-cn	一开始的卫生危机现在已经变成全球经济危机。

en-us	We fear African countries will be swept up in that. 
zh-cn	我们担心，非洲国家将被这场危机卷入其中。 

en-us	A decade ago, the region was spared the brunt of the global financial crisis. 
zh-cn	十年前，该地区没有受到全球金融危机的严重冲击。

en-us	Lower debt levels meant most countries had room to increase spending and they were able to implement counter‑cyclical policies. 
zh-cn	较低的债务水平意味着多数国家有空间增加支出，能够实施逆周期政策。

en-us	Countries were also less integrated with global financial markets and that meant being cut off from financing was harmful for only a handful of countries. 
zh-cn	另外，非洲国家与全球金融市场的融合程度较低，这意味着仅有少数国家因失去融资渠道而受到损害。 

en-us	Neither of those conditions apply today. 
zh-cn	今天，这两个条件都不再存在。

en-us	Many countries in sub-Saharan Africa have limited room in their budgets to increase spending. 
zh-cn	撒哈拉以南非洲的许多国家扩大支出的预算空间有限。

en-us	They also rely more on global capital markets. 
zh-cn	它们也更加依赖全球资本市场。 

en-us	This time will be different 
zh-cn	这次将不同 

en-us	The pandemic will have a substantial economic impact on sub-Saharan Africa, in three ways. 
zh-cn	这场全球疫情将通过三种方式对撒哈拉以南非洲造成严重经济影响。 

en-us	One: the very measures that are crucial to slowing the spread of the virus will have a direct cost on local economies. 
zh-cn	第一，为放慢病毒传播而采取的必要措施将对当地经济产生直接影响。

en-us	The disruption to people’s daily lives means less paid work, less income, less spending, and fewer jobs. 
zh-cn	人们日常生活的中断意味着，带薪工作减少，收入减少，支出减少以及就业减少。

en-us	And, with borders closed, travel and tourism are quickly drying up, and shipping and trade are suffering. 
zh-cn	另外，由于边境关闭，旅行和旅游业正在迅速枯竭，航运和贸易也受到影响。 

en-us	Two, global hardships will spill over to the region. 
zh-cn	第二，全球性的困难将对该地区产生溢出效应。

en-us	The slowdown in major economies will see global demand fall. 
zh-cn	主要经济体增长减缓将造成全球需求下降。

en-us	Disruptions to production and world supply chains will weigh more on trade. 
zh-cn	生产和世界供应链的中断将对贸易产生更大影响。

en-us	Tighter global financial conditions will limit access to finance. 
zh-cn	全球金融状况的收紧将限制融资渠道。

en-us	Countries are likely to also see delays in getting investment or development projects off the ground. 
zh-cn	各国投资或开发项目的启动可能也会延迟。 

en-us	Three: the sharp decline in commodity prices will hit oil exporters hard, compounding the first two effects. 
zh-cn	第三，大宗商品价格的急剧下跌将给石油出口国带来严重冲击，从而加剧前两种影响。 

en-us	The price of oil has tumbled to levels not seen in decades. 
zh-cn	石油价格已经跌至几十年的最低水平。

en-us	We don’t yet know where they will settle, but with oil prices already down by more than 50 percent since the start of the year, the impact will be substantial. 
zh-cn	我们还不知道石油价格最终会到什么水平，但鉴于石油价格自今年年初已经下跌超过50%，这一影响将是显著的。

en-us	We estimate that each 10 percent decline in oil prices will, on average, lower growth in oil exporters by 0.6 percent and increase overall fiscal deficits by 0.8 percent of GDP. 
zh-cn	我们估计，石油价格每下跌10%，石油出口国的平均经济增长率就会下降0.6%，总体财政赤字占GDP的比重就会上升0.8%。 

en-us	Lower forecasts likely 
zh-cn	预测结果可能更低 

en-us	Across the region, growth will be hit hard. 
zh-cn	在整个地区内，经济增长都将受到严重冲击。

en-us	Precisely how hard is still difficult to say. 
zh-cn	有多严重，现在还难说。

en-us	But it is clear that our growth forecast in April’s regional outlook will be significantly lower. 
zh-cn	但明确的是，我们今年4月地区展望报告中的增长预测会低得多。 

en-us	The slowdown will mean revenues take a hit, just as countries face additional public spending needs. 
zh-cn	经济增长的减缓意味着财政收入将减少，而此时各国都面临着扩大公共支出的需求。 

en-us	Yet, now is no time for half measures. 
zh-cn	但现在没有时间采取折中办法。

en-us	Without exception, people’s health is the priority and countries should boost health spending accordingly. 
zh-cn	无一例外，人们的健康是最重要的，因此，各国应扩大卫生支出。 

en-us	Countries will also need to combat the economic fallout. 
zh-cn	各国还需应对经济影响。

en-us	The right policy prescription will depend on each country’s circumstances—the channel through which it is most exposed and the depth of the connections. 
zh-cn	正确的应对政策取决于每个国家的具体情况——其受影响最大的渠道，以及联系的深度。 

en-us	While the likely duration of disruption remains unclear, Farr’s Law of Epidemics—showing the rise and fall of infections as roughly bell‑shaped—gives us some reassurance the shock will pass. 
zh-cn	尽管这种破坏局面的持续时间仍不清楚，但法尔流行病定律（显示感染病例的上升和下降呈钟形分布）让我们有所安心，因为冲击最终会过去。 

en-us	Fiscal first 
zh-cn	财政为先 

en-us	Fiscal policy will have to play a leading role in mitigating the shock, with fiscal positions reverting to medium‑term paths consistent with debt sustainability once the crisis has passed. 
zh-cn	财政政策必须在缓解冲击方面发挥主导作用，一旦危机过去，财政头寸应回到与债务可持续性一致的中期路径。

en-us	Targeted cash transfers could also be considered to help individuals and households under strain. 
zh-cn	也可以考虑有针对性的现金转移，帮助面临压力的个人和家庭。 

en-us	Where feasible, governments should consider targeted and temporary support for hard-hit sectors such as tourism. 
zh-cn	在可行的情况下，政府应考虑向旅游业等受冲击严重的部门提供有针对性的临时性支持。

en-us	For instance, temporary tax relief through targeted reductions or delays in paying taxes could help address cashflow shortfalls for affected businesses. 
zh-cn	例如，通过有针对性地降低或推迟缴税来提供临时的税收减免，有助于解决受影响企业的现金流不足问题。 

en-us	Easing monetary policy can complement fiscal efforts, especially with inflation in single‑digits in the vast majority of countries in the region. 
zh-cn	放松货币政策能对财政措施起到补充作用，特别是考虑到该地区绝大多数国家的通胀率都是个位数。

en-us	Financial measures can help minimize disruptions to much‑needed credit and liquidity for businesses, including central bank liquidity provision or temporary credit guarantees. 
zh-cn	金融措施有助于尽量减少对企业亟需的信贷和流动性造成的破坏，包括中央银行提供流动性或临时信用担保。

en-us	For countries with flexible exchange rate regimes, the exchange rate should be allowed act as a shock absorber. 
zh-cn	实行灵活汇率制度的国家应当让汇率起到吸收冲击的作用。 

en-us	Protecting lives and livelihoods 
zh-cn	保护生命和生计 

en-us	Importantly, countries in sub‑Saharan Africa shouldn’t have to ‘go it alone’. 
zh-cn	重要的是，撒哈拉以南非洲国家不应“单打独斗”。 

en-us	Too often, financing limits recourse to supportive policies when major shocks hit. 
zh-cn	当发生重大冲击时，融资不足往往会限制一国采取支持性政策。

en-us	The international community needs to do its utmost to help ease these constraints and ensure that peoples’ lives and livelihoods are not destroyed. 
zh-cn	国际社会需要尽最大努力帮助缓解这种资金约束，确保人民的生命和生计不受破坏。 

en-us	While the priority is on protecting life, the IMF is helping where it can, by supporting livelihoods. 
zh-cn	首要任务是保护生命，而国际货币基金组织正在通过支持生计而尽力提供帮助。 

en-us	The Fund is making $50 billion available via rapid-disbursing emergency facilities, including $10 billion on highly concessional terms for low‑income countries. 
zh-cn	国际货币基金组织正在通过快速拨付的紧急融资机制提供500亿美元的可用资金，包括以高度优惠条件向低收入国家提供100亿美元的资金。 

en-us	With this, we are accelerating efforts to back countries in the region. 
zh-cn	通过这些资金，我们加速向该地区国家提供支持。

en-us	So far, we’ve received requests for emergency financing from close to 20 countries, with requests from another 10 or more countries likely soon. 
zh-cn	到目前为止，我们已收到近20个国家的紧急融资请求，另外10个或更多的国家可能很快也会提出请求。 

en-us	Our member countries need us more than ever. 
zh-cn	我们的成员国现在比以往任何时候都更需要我们。

en-us	Discussions between IMF teams and country officials are advancing quickly, and we expect the first wave of this support to be delivered in early April. 
zh-cn	国际货币基金组织工作人员团队与国家官员之间的讨论正在迅速推进，我们预计将在4月初提供第一批这类资金支持。 

en-us	For countries facing difficult debt situations, the priority—people’s heath—is the same. 
zh-cn	对于面临艰难债务形势的国家，首要任务是相同的，即保护人民的健康。

en-us	Here, the international community can step up. 
zh-cn	在这方面，国际社会可以加大工作力度。

en-us	Immediate debt relief through the Fund’s Catastrophe Containment and Relief Trust can help free up resources for much needed health spending. 
zh-cn	通过国际货币基金组织的控灾减灾信托立即提供债务减免，能够释放资源，用于亟需的卫生支出。

en-us	These countries should also reach out to donors to secure grant and concessional financing. 
zh-cn	这些国家还应从捐助方获得赠款和优惠资金。 

en-us	International response 
zh-cn	国际应对行动 

en-us	In the same vein, the Fund is working closely with our partners—the World Bank, World Health Organization, African Development Bank and African Union—to respond to this crisis. 
zh-cn	同样，国际货币基金组织正在与世界银行、世界卫生组织、非洲开发银行和非洲联盟等伙伴方密切合作，应对这场危机。

en-us	The speed and strength of the international community’s response will be paramount. 
zh-cn	国际社会应对行动的速度和强度将是最重要的。 

en-us	To paraphrase Gabriel Garcia-Marquez: humanity, like armies in the field, advances at the speed of the most vulnerable. 
zh-cn	套用Gabriel Garcia-Marquez的话：正如战地部队，人类前行的速度取决于最脆弱群体。 

en-us	Countries in sub-Saharan Africa can be assured they have the full force, and full speed, of the IMF behind them.
zh-cn	撒哈拉以南非洲国家可以相信，它们拥有国际货币基金组织全力及全速的支持。 