×
× Digital News Videos Health & Science Lifestyle Opinion Education Columnists Moi Cabinets Arts & Culture Ureport Fact Check The Standard Insider Kenya @ 50 Podcasts E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified Games Crosswords Sudoku The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS
×

IMF approves aid for world's 28 poorest countries

By AFP | October 7th 2020 at 11:41:06 GMT +0300

The International Monetary Fund on Monday approved new emergency aid for 28 of the world’s poorest countries to help them alleviate their debt and better cope with the impact of coronavirus.

The announcement, which follows a similar measure passed in mid-April for 25 countries, is intended to help the countries cover their debt repayments to the IMF for the next six months and “free up scarce financial resources for vital emergency medical and other relief efforts” during the pandemic.

The 28 countries receiving the second tranche of aid are Afghanistan, Benin, Burkina Faso, Burundi, Central African Republic, Chad, Comoros, Democratic Republic of Congo, Djibouti, Ethiopia, Gambia, Guinea, Guinea-Bissau, Haiti, Liberia, Madagascar, Malawi, Mozambique, Nepal, Niger, Rwanda, Sao Tome and Principe, Sierra Leone, the Solomon Islands, Tajikistan, Tanzania, Togo and Yemen.

Mali is also eligible for aid but has not yet been added to the list because “there is lack of clarity as to whether the international community recognises/deals with the current military regime as the government of Mali,” the IMF said.

Read More

The debt relief is channelled through the Catastrophe Containment and Relief Trust (CCRT), which enables the IMF to provide grants to the poorest and most vulnerable countries hit by a natural disaster or public health crisis. Subject to sufficient resources in the CCRT, grants could be provided for a two-year period through mid-April 2022 for an estimated total amount of $959 million.

The IMF’s goal is to endow the CCRT with $1.4 billion (Sh151 billion). To date, $506.5 million (Sh54.6 billion) has been contributed by several countries, including the UK, Japan, Germany, the Netherlands, Switzerland and Norway.


IMF coronavirus pandemic
Share this story

More stories


Feedback