Categories: News

NEWS: 22 African Countries to Receive Emergency Aid from IMF

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)

Albert Echetah

Recent Posts

South African Group Petitions For Chidimma Adetshina’s Removal FromInternational Miss Universe Pageant Over Identity Fraud Allegations

A group called Progressive Forces in South Africa has launched a petition against MissUniverse Nigeria Chidimma Adetshina, with the aim…

November 5, 2024

Mauritius Reopens Social MediaAccess in Response to PublicPressure

Mauritius on Saturday overruled its decision to prohibit social media until the election onNovember 10th which was caused by a…

November 5, 2024

UAE Crown Prince Arrives in Ethiopia for WorldWithout Hunger Conference

The UAE’s Crown Prince of Abu Dhabi, His Highness Sheikh Khaled bin Mohamed bin Zayed AlNahyan was in Addis Ababa…

November 5, 2024

Zimbabwe’s rich (Mbingas) linked to state looting

Gilbert Machokoto, a former teacher, said that setting up a business in the late 1980s, shortlyafter Zimbabwe's independence, was ‘like…

November 4, 2024

Historic Shift in Botswana as PresidentConcedes to Opposition Victory

Following elections in which the party that had ruled the diamond-rich nation for almost 60years suffered a historic setback. Botswana's…

November 4, 2024

Lightning Strike at Uganda Refugee CampClaims 14 Lives, Including Children

A lightning strike at a refugee camp in Uganda kills 14 people including children with 34 othershospitalized. The incident happened…

November 4, 2024

This website uses cookies.