Browsing: Covid-19 coronavirus

International Monetary Fund (IMF) Executive Board approved the disbursement of $1 billion to Ghana to address the COVID-19 Pandemic.

Ghana has already been affected by the pandemic with the country’s growth slows down, exchange rates under pressure and tightening of financial conditions.

The fund to be drawn under the Rapid Credit Facility will help meet the pressing fiscal and balance of payments needs that the country is facing and speed support from other development partners.

The International Monetary Fund (IMF) is closely monitoring ghana’s situation and is ready to provide policy advice and further support if needed.

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“The COVID-19 pandemic is impacting Ghana severely. The budget deficit is projected to widen this year given expected lower government revenues and higher spending needs related to the pandemic. The Fund’s emergency financial assistance under the Rapid Credit Facility will help address the country’s …

Trade among East African Community (EAC) member has suffered a catastrophic blow losing USD380 million in the span of just a single week.

There is not an economy that has not taken a hit from the coronavirus pandemic and the EAC trade bloc is no exception. While no official order has been issued to close their borders, each of the EAC member countries has limited all manner of movement, goods included.

Trucks are still going through to deliver goods but as Tanzania and Burundi agreed last week, the truck drivers would stay quarantined for 14 days. While for Kenya on the other hand, the country has chosen to escort the drivers and their tracks to their points of drop off and back, no detours allowed.

While cargo on transit has been forced to slow down to almost a snail pace, movement of people has come to a complete stop, if …