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Browsing: Rapid Financing Instrument (RFI)
The Executive Board of the International Monetary Fund (IMF) approved $49.1 million disbursements to Lesotho to help meet the urgent balance of payment needs stemming from the COVID-19 pandemic.
Under the disbursement, about $16.5 million is under the Rapid Credit Facility (RCF) while about $32.6 million from the Rapid Financing Instrument (RFI).
The Pandemic comes at a time when the economy of Lesotho was already facing challenges. For several years, Lesotho’s growth has been subdued reflecting a weak regional environment while its government finances have struggled to cope with the volatility of transfers from the Southern African Customs Union (SACU) that account for around half of total revenues.
Despite Madagascar relatively well-developed social assistance framework that partially mitigates the high levels of poverty, unemployment remains high while the population suffers from one of the highest rates of HIV infection in the world.
As a measure to cushion the impact on …
The International Monetary Fund (IMF) executive board approved $4.3 billion requests for emergency financial from South Africa to address the challenging health situation and severe economic impact of the COVID-19 shock.
The funds are under the Rapid Financing Instrument (RFI) which aims at meeting the urgent balance of payment (BOP) needs stemming from COVID-19 pandemic outbreak, limit regional spillovers and catalyze additional financing from other international financial institutions.
The outbreak of the pandemic has led to a sharp economic contraction and significant financing need in South Africa.
Over the last decade, economic activity in the country has weakened despite government spending, this has resulted in increased poverty, unemployment and income inequality.
“South Africa’s economy has been severely hit by the COVID-19 crisis, reporting the highest number of cases in sub-Saharan Africa. A deep economic recession is unfolding as the decline in domestic activity and disruptions in the global supply chain …