Trending
- AmCham Summit kicks off, setting course for robust future of US-East Africa trade ties
- Why the UN is raising the red flag on the UK-Rwanda asylum treaty
- Portugal’s Galp Energia projects 10 billion barrels in Namibia’s new oil find
- Wärtsilä Energy offers tips on how Africa can navigate energy transition and grid reliability
- Powering Africa: Africa’s Path to Universal Electricity Access
- Global investment trends at AIM Congress 2024: a spotlight on the keynote speakers
- South Africa’s deepening investment ties in South Sudan oil industry
- Agribusiness could drive Africa’s economic prosperity
Browsing: Rapid Credit Facility
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.
Also Read: World Bank, IMF grant Somalia debt relief
“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 …
Rwanda coronavirus (COVID-19) containment landscape just got stronger as the Executive Board of the International Monetary Fund (IMF) on Thursday approved the disbursement of $109.4 million to be drawn under the Rapid Credit Facility (RCF), IMF statement said.
According to information from the IMF, this will serve to meet Rwanda’s urgent balance of payment needs stemming from the outbreak of the COVID-19 pandemic.
Rwanda is one of the East African nations to be hurt by the pandemic, whereby—COVID-19 cases stand at 84.
The lender noted that the economic impact of the COVID-19 pandemic is rapidly unfolding, with the near-term outlook deteriorating quickly.
According to the IMF statement, the pandemic has triggered a rise to significant fiscal and external financing needs.
Hence, in curbing possible devastating impacts of the outbreak, authorities have acted fast by putting in place measures to help contain and mitigate the spread of the disease.
According to …