[UPDATED] 24 Countries in Sub-Saharan Africa have So Far Received $4.5B in Emergency Financial Assistance from the IMF Amid Covid-19

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The International Monetary Fund (IMF) has published a list of 24 countries from Africa that have so far received emergency financial assistance under the Rapid Credit Facility (RCF), Rapid Financing Instrument (RFI), and augmentation of existing financing arrangements, as well as debt relief grants financed by the Catastrophe Containment and Relief Trust (CCRT).

The list includes:

  • Benin
  • Burkina Faso
  • Cabo Verde
  • Central African Republic
  • Chad
  • Republic of Comoros
  • Democratic Republic of the Congo
  • Cote d’Ivoire
  • Gabon
  • The Gambia
  • Ghana
  • Guinea
  • Guinea-Bissau
  • Liberia
  • Republic of Madagascar
  • Malawi
  • Mali
  • Republic of Mozambique
  • Niger
  • Rwanda
  • Democratic Republic of Sao Tome and Principe
  • Senegal
  • Sierra Leone
  • Togo

SEE ALSOAfrica at Risk of Losing 150 Million Jobs and Driving 27 Million into Extreme Poverty Due to Covid-19 Pandemic, Says UN

A look at the world map shows Africa has received the largest share of the emergency funding help from the IMF totaling to about $4.5 billion.

Sub-Saharan Africa also accounts for the most multiple funding from IMF since the Covid-19 outbreak started.

The IMF RCF provides low-access, rapid, and concessional financial assistance to LICs facing an urgent balance of payments need, without ex post conditionality. It can provide support in a wide variety of circumstances, including shocks, natural disasters, and emergencies resulting from fragility.

The CCRT fund provides immediate debt service relief for its poorest and most vulnerable members affected by the current COVID-19 pandemic and any future pandemics. The trust provides grants to pay debt service owed to the IMF for eligible low-income member countries that are hit by the most catastrophic of natural disasters or battling public health disasters—such as epidemics or global pandemics.

The RFI provides rapid and low-access financial assistance to member countries facing an urgent balance of payments need, without the need to have a full-fledged program in place. It can provide support to meet a broad range of urgent needs, including those arising from commodity price shocks, natural disasters, conflict and post-conflict situations, and emergencies resulting from fragility.

 

UPDATED: Ethiopia and Mali have received funding amounting to $411M and $200M respectively, bringing the total funding in Africa to above $5B.

 

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