The International monetary fund (IMF) approved a $226 million loan to assist African country Cameroon to fight the coronavirus (COVID-19) because it faced plunging oil revenues.
It was the most recent disbursement under its rapid Credit Facility (RCF), that is geared toward the world’s poorest nations and has been increased in size to quickly dispense aid to those most at risk of the economic effects of shutdowns to contain the outbreak.
The Cameroonian government has moved to combat the virus, and also the IMF said its money would “help to fill immediate external desires and preserve the fiscal area for essential COVID-19-related health expenditure,” and additionally push different donors to act.
Cameroon is facing serious challenges from the COVID-19 pandemic and lost trade which has “given rise to substantial fiscal pressures and an urgent balance of payments need,” IMF deputy managing director Mitsuhiro Furusawa aforesaid during a statement.
