The International Monetary Fund’s (IMF) Executive Board has approved support for Burkina Faso and Niger under its Rapid Credit Facility to help the West African nations confront the impact of the COVID-19 pandemic.
In statements released late on Tuesday, the IMF said the board had approved a $115 million disbursement for Burkina Faso.
IMF Executive Board today approved US$115.3 million disbursement to help Burkina Faso address the economic impact of #COVID19. https://t.co/4UtCoEyx33 #IMFAfrica pic.twitter.com/sC3f0WSg75
— IMF (@IMFNews) April 14, 2020
Another $114 million has been approved for Niger.
IMF Executive Board today approved US$114.49 million disbursement to help #Niger address the economic impact of #COVID19. https://t.co/iiLuy4a8U6 #IMFAfrica pic.twitter.com/yBXqvxnfaJ
— IMF (@IMFNews) April 14, 2020
Burkina Faso has 528 confirmed coronavirus cases with 30 deaths, while Niger has 570 cases with 14 recorded deaths.
Under its Rapid Financing Instrument, the Washington-based lender is granting emergency loans to nations that request the funding as the new coronavirus hammers economies worldwide.
IMF still considering funding for other African countries
The International Monetary Fund is still considering Nigeria and Senegal’s request for emergency financing to combat the impact of the coronavirus on the two countries.
Africa’s biggest economy Nigeria requested $3.4 billion in emergency financing.
IMF Managing Director Kristalina Georgieva said Nigeria’s economy was threatened by shocks of the COVID-19 pandemic and a sharp fall in international oil prices, and the country had asked for funding to help protect the most vulnerable people and companies.
The country has 373 confirmed COVID-19 cases with 11 reported deaths and 99 recoveries.
Senegal earlier this month also wrapped up talks with the IMF to secure $221 million to help it mitigate the economic impact of COVID-19.
The IMF said in a statement that the pandemic had led to a drop in remittances from Senegalese living abroad and a shutdown of its tourism sector.
Senegal has 299 confirmed cases with 183 recoveries and two deaths.
SA has not submitted request for emergency funding
South Africa has not approached the IMF for emergency financing to help it fight the COVID-19 pandemic that threatens to push the economy deeper into recession, an IMF official said on Tuesday.
Finance Minister Tito Mboweni said the country was not looking for budget support from the IMF, but rather “COVID-19-specific packages”, adding that the government was talking to the Fund about that.
Mboweni also ruled out an IMF structural adjustment programme.
The number of confirmed new coronavirus cases in South Africa rose by 143 over the past day, taking the total to 2 415.
