ADVERTISEMENT
Africanian
  • News
  • Politics
  • Business
  • Health
  • Sports
  • Travel
  • World
    • US
    • Russia
    • Europe
    • Asia
    • America
No Result
View All Result
Africanian
No Result
View All Result
Home News

Rwanda receives $109m emergency funding from IMF

The International Monetary Fund (IMF) said Thursday that it has approved $109.4 million credit to Rwanda.

in News
Reading Time: 2 mins read
0 1
0
Rwanda receives $109m emergency funding from IMF
1
SHARES
Share on FacebookShare on TwitterShare via Whatsapp

The disbursement will help the country, which has registered 84 coronavirus cases so far, to address the pandemic.

The emergency assistance is drawn under the Rapid Credit Facility (RCF), which provides rapid concessional financial assistance with limited conditionality to low-income countries.

“It will serve to meet Rwanda’s urgent balance of payment needs stemming from the outbreak,” the IMF said.

The economic impact of the COVID-19 pandemic has given rise to significant fiscal and external financing needs.

The authorities have acted fast by putting in place measures to help contain and mitigate the spread of the disease.

More

Equatorial Guinea: Ecobank Ready to Provide Services to NAHSCO

Equatorial Guinea: Dreams Hub Launch Membership Cards to Serve Ecosystem

Dream Talks: Ecosystem Builder, John Rexford Nzira, Bets on Africa’s Future

According to the IMF, the RCF funds will support the authorities’ efforts by backstopping the decline in international reserves and providing financing to the budget for increased spending.

All this is aimed at containing the epidemic and mitigating its economic impact.

This additional IMF financing also ought to help catalyse further assistance from the international community, preferably in the form of grants.

The IMF said its Executive Board had a discussion with Rwanda.

“The COVID-19 Pandemic has ground Rwanda’s economy to a halt, creating an urgent balance of payments need,” Tao Zhang, the IMF’s Deputy Managing Director and Acting Chair, said in a statement.

To contain and mitigate the spread of the virus, the government swiftly implemented measures that have affected all sectors of the economy.

With uncertainties surrounding the duration and spread of the pandemic, the economic fallout could intensify further.

The IMF said the emergency support under the will help with COVID19-related pressures on trade, tourism, and foreign exchange reserves.

It will also provide much-needed resources for health expenditure and for households and firms affected by the crisis.

“A temporary widening of the budget deficit is appropriate to mitigate the health and economic impact of the pandemic,” the IMF said.

The financial institution advised the country spending should be well-targeted and cost-effective to not crowd-out other priority areas.

“Once the crisis abates, the fiscal adjustment path should be adjusted to preserve debt sustainability in the medium-term,” the Fund said, adding that contingency plans should be prepared given the uncertain outlook.

Source: The New Times Rwanda
africanian

africanian

Africanian, an Africa news media portal.

  • Trending
  • Comments
  • Latest
Equatorial Guinea: Ecobank Ready to Provide Services to NAHSCO

Equatorial Guinea: Ecobank Ready to Provide Services to NAHSCO

August 11, 2022
Dream Talks: Ecosystem Builder John Rexford Nzira Bets on Africa's Future

Dream Talks: Ecosystem Builder, John Rexford Nzira, Bets on Africa’s Future

August 12, 2022
"When two elephants fight, the one who suffers the most is the grass they step on." -- African Proverb

African Proverb: “When two elephants fight, the one who suffers the most is the grass they step on.”

February 24, 2022
Equatorial Guinea: Ecobank Ready to Provide Services to NAHSCO

Equatorial Guinea: Ecobank Ready to Provide Services to NAHSCO

August 11, 2022
AfroSports: Nigeria’s Gold Rush In The Commonwealth Games Set To Inspire The Next Generation

AfroSports: Nigeria’s Gold Rush In The Commonwealth Games Set To Inspire The Next Generation

August 10, 2022
Nigeria: Buhari Pledges Support For Global Cultural, Tourism Events

Nigeria: Buhari Pledges Support For Global Cultural, Tourism Events

August 10, 2022
Africanian

Copyright © 2022 Africanian.com.

Follow Us

No Result
View All Result
  • News
  • Politics
  • Business
  • Health
  • Sports
  • Entertainment
  • Tech
  • Travel
  • World

Copyright © 2022 Africanian.com.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Log In

Sign In

Forgot password?

Don't have an account? Register

Forgot password?

Enter your account data and we will send you a link to reset your password.

Back to Login

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Accept

Add to Collection

  • Public collection title

  • Private collection title

No Collections

Here you'll find all collections you've created before.