The International Monetary Fund on Thursday approved loans value hundreds of millions of dollars for the Republic of Mali and the Federal Democratic Republic of Ethiopia to fight the coronavirus pandemic.
The Washington-based crisis lender has stepped up its international financing efforts in recent weeks to assist countries to weather the coronavirus crisis.
The IMF board granted $411 million to the Federal Democratic Republic of Ethiopia on the Horn of Africa to assist relieve the pandemic’s effects on its aggressive economy.
The money will come from the rapid financing Instrument (RFI), that permits nations to avoid the long negotiations usually required to secure a full economic assistance program — time most countries don’t have as they struggle to deal with the coronavirus crisis.
On the other side of the continent, the Republic of Mali will receive $200 million to help plug the deficit created by government spending to blunt the coronavirus impact.
The West African country’s disbursement was created beneath the Rapid Credit Facility, which is aimed at the world’s poorest nations and has been doubled in size to quickly dispense aid.
