The International Monetary Fund
WASHINGTON, March 26 (NNN-AGENCIES) — The International Monetary Fund will provide $50 billion in emergency facilities to countries in sub-Saharan Africa by early April to mitigate the economic shocks of the Coronavirus, including US$10 billion in concessional loans for low-income countries.
“Our member countries need us more than ever,” the IMF said on its website. “Discussions between IMF teams and country officials are advancing quickly.”
The IMF has received requests for emergency financing from almost 20 countries and expects 10 additional countries to seek its help, it said.
Most African countries have closed international borders and grounded planes as the case count has climbed to more than 2,000 confirmed cases in less than a month.
Finance Ministers across African recently in a statement called for a $100 billion stimulus package, including a suspension of debt service payments, to help the continent combat coronavirus.
Some US$44 billion would come from not servicing debt and they would also tap existing facilities in the World Bank, International Monetary Fund (IMF), African Development Bank (AfDB) and other regional institutions.
Africa is facing the combined shock of coronavirus, which threatens to strain under-funded health systems, as well as a sharp drop in revenues due to plunging oil and commodities prices. — NNN-AGENCIES
