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Browsing: Funds for COVID-19 in Africa
The International Monetary Fund (IMF) Executive Board approved $165.99 million to help the Republic of Madagascar to address the urgent balance of payment that needs stemming from the outbreak of the COVID-19 pandemic.
The funds were under the Rapid Credit Facility (RCF). RCF provides rapid concessional financial assistance with limited conditionality to low-income countries (LICs) facing an urgent balance of payments need.
Madagascar’s economy has largely been affected by the coronavirus pandemic with the country’s tourism dramatically declining, trade and investments declining as well as interferences in the manufacturing and mining exports.
The government of Madagascar is taking immediate actions to mitigate the shock of the COVID-19 pandemic by putting immediate fiscal measures to strengthen social protection and support the most vulnerable in society.
Suspension of fees and social contributions to aid the private sector in the country, donating staple food and also providing liquidity to preserve the stability of …