DRC gets $363.27 million from IMF to tackle COVID-19 economic turbulence

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The Democratic Republic of the Congo (DRC) is getting $363.27 million from the International Monetary Fund (IMF) to respond to COVID-19 economic turbulence.

The loan money was approved by the IMF board under the Rapid Credit Facility
(RCF)
to help the DRC meet urgent balance of payments stemming from the COVID-19 pandemic.

IMF said the DRC is experiencing a severe shock, as the economic impact of the COVID-19 pandemic unfolds, with the near-term outlook deteriorating quickly, even though the officials responded quickly, scaling up health-related spending and deploying a series of containment and mitigation measures.

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Mr. Mitsuhiro Furusawa, Deputy Managing Director and IMF Board Chair, said in a statement that “the COVID-19 crisis is expected to have a considerable economic and social impact on the Democratic Republic of the Congo (DRC), which is a fragile country.”

“The outbreak will affect DRC’s economy, as containment measures impact domestic activities and exports are hit hard amid weaker commodity prices and global demand,” Furusawa added.

He said along with a decline in financial flows, the pandemic has created substantial urgent external financing needs.

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Simon Ateba
Simon Ateba
Simon Ateba covers the White House, the U.S. government, the International Monetary Fund, the World Bank and other financial and international institutions for Today News Africa in Washington D.C. Simon can be reached on simonateba@todaynewsafrica.com

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