Rwanda secures $109 million IMF loan to tackle COVID-19
The government of Rwanda has secured a loan of $106 from the IMF to tackle the coronavirus pandemic.
The pandemic is doing damages to the economy of the East African country which is highly reliant on tourism.
Prices of food and other consumer goods have gone up as the government extends the country’s lockdown by 15 more days.
Rwanda is the first African country to secure a loan from the International Monetary Fund to tackle the coronavirus pandemic.
”The COVID-19 pandemic has ground Rwanda’s economy to a halt, creating an urgent balance of payments need,” Tao Zhang, IMF deputy managing director, said in a statement.
IMF Executive Board today approved US$109.4 million disbursement to help #Rwanda address the economic impact of #COVID19. This is the first COVID-19 emergency funding for an African country and we are working hard on other requests. https://t.co/s2FQO4GeDY #coronavirus #IMFAfrica pic.twitter.com/I3vhiLeAvS
— IMF (@IMFNews) April 2, 2020
Other African countries have initiated the process of securing a similar loan deal from IMF.
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