COVID-19: IMF to make US$50 billion available for Sub-Saharan Africa

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IMF to make US$50 billion available for Sub-Saharan Africa

The International Monetary Fund will provide $50 billion in emergency facilities to countries in sub-Saharan Africa by early April to mitigate the economic shocks of the Coronavirus, including US$10 billion in concessional loans for low-income countries.

“Our member countries need us more than ever,” the IMF said on its website Wednesday. “Discussions between IMF teams and country officials are advancing quickly.”

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The IMF has received requests for emergency financing from almost 20 countries and expects 10 additional countries to seek its help, it said.

Most African countries have closed international borders and grounded planes as the case count has climbed to more than 2,000 confirmed cases in less than a month.