Press "Enter" to skip to content

IMF says Africa still needs $110bn to deal with the economic impact of COVID-19


The International Monetary Fund (IMF) says countries in Africa still need over $110 billion in 2020 alone to address the economic impact of the coronavirus pandemic.

As of mid-June, the IMF had disbursed about $10.1 billion to 29 sub-Saharan African countries through its emergency facilities or augmentation of access under existing programmes.

The IMF has doubled access to its emergency lending facilities. Access limits to the Rapid Credit Facility (RCF) and Rapid Financing Instrument (RFI) have been doubled temporarily, from 50% to 100% of the country’s IMF yearly quota. This is to allow the IMF to meet its expected global financing demand of about US$100 billion.

S.Sudan NEWS PORTAL:  South Sudan Refugees Enter Uganda Despite Border Closure

The Bretton Woods institution said despite the funds given to African countries “more international support is urgently required for sub-Saharan Africa to overcome the crisis and return to sustainable growth.”

“Countries across Africa still face financing needs amounting to over US$110 billion in 2020 alone, with US$44 billion yet to be financed. International and regional cooperation can help facilitate a coordinated relaxation of movement restrictions.”

“Upholding uniform health standards and virus testing and tracking methods should pave the way for reopening international travel and tourism.”

“It will be important to ensure that trade restrictions on essential medical supplies are removed, information on the pandemic is shared, and technical support to countries with limited health capacity, including through the World Health Organization, is scaled up.”

S.Sudan NEWS PORTAL:  NAS mobilizing funds to finance Juba planned onslaught – leaks

“When a vaccine, drug, or treatment for COVID-19 are eventually developed, they should be made available to the poor countries as an international public good, as it has been pledged by China,” the IMF said.

Continue reading at Pulse Live Kenya

As reported by Pulse Live Kenya. Enjoyed this news story? Read more South Sudan news features on Pulse Live Kenya.

Credits : Pulse Live Kenya ( → Author : South Sudan PRESS REVIEW

Publishing and Aggregation by : South Sudan NEWS PORTAL

Permission : Central Press Syndicate South Sudan

Facebook : South Sudan NEWS PORTAL

S.Sudan NEWS PORTAL:  Bandcamp account to stream music for free

We respect the intellectual property rights of our news sources and expect our users to do the same. We may provide links to external news sources from time to time, but any trademarks, logos, photographs and videos remain their copyrighted works. If you feel our website violates fair use or infringes on your copyright, inform us immediately for redress.

The Central Press Syndicate of South Sudan publishes articles related to South Sudan from press wires, verified social media sources and Google news, thereby centralizing South Sudanese news from all over the web, in an easy to read format.

Read related stories with similar tags below:

Be First to Comment

Leave a Reply