IMF expedites ‘unconditional’ emergency funding for Africa

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THE IMF is working at an ‘unprecedented’ pace to provide emergency support financing to the global economy with a particular focus on Africa, spokesman Gerry Rice said Thursday in Washington.

More than $10bn in financing has been disbursed to sub-Saharan African countries since the outbreak of Covid-19 pandemic Rice said. That is roughly 10-times the average annual support from the IMF and an indication of the need for help.

‘The IMF is providing emergency financing assistance on what I would characterize as an unprecedented scale. So what does that mean? As of June 3, between 35 and 40 sub-Saharan African countries have made a request for emergency assistance from the IMF. And 27 countries so far have received financing from the fund. They have received it for a total of about $10bn again already disbursed and without IMF traditional conditionality.’

‘More is planned in the coming weeks. So this $10bn number that I just gave, this is actually about 10 times more than what we have been disbursing to the region on average on an annual basis.’

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