Last updated on September 11th, 2021 at 08:21 am
The International Monetary Fund approved new emergency aid for 28 countries on Monday — 22 of which are African. Funds received will enable these nations to either pay back their debts or mitigate the debilitating impact of the Covid-19 pandemic on their soil.
In April, the IMF cancelled the debts of 25 of the economically-challenged countries by activating an emergency mechanism, the Natural Disaster Response and Assistance Trust Fund of about 500 million USD.
A quick and effective operation of financial assistance that will now also be applied towards the 28 recipients – who could receive a total of 959 million USD by April 2022 — and as a grant, not a loan.
In Africa, with the exception of Rwanda, it is the least wealthy who will qualify for this aid.
The IMF awaits the international community’s validation of the new Malian government before honouring its eligibility as the West African nation sits on the waiting list.
(AFP)
The Vatican has initiated its traditional selection protocol to choose the next Pope following the passing of Pope Francis. The…
"Baby Shark Dance" is still making waves in 2025! The kids' song by South Korea's Pinkfong is now the most-watched…
Kenyan sprint star Ferdinand Omanyala finished second at the opening race of the Diamond League in Xiamen, China, on Saturday.…
The incessant rains have caused flooding in Durban and its neighboring areas. It has disrupted several core areas, with a…
Cross-border activity suffered vast disruption when the new ban started at midnight Thursday with its direct impact on border checkpoints…
South African Bank fined R700,000 after determining the institution misrepresented a credit product as an investment opportunity. Following its December…
This website uses cookies.
![](data:image/svg+xml;charset=utf-8,<svg height="32px" width="32px" xmlns="http://www.w3.org/2000/svg" version="1.1"/>)