July 22, 2024

IMF approves $110.4 million in emergency support for Eswatini to respond to COVID-19 economic fallout

Managing Director Kristalina Georgieva prepares for an online interview with the Chamber of Commerce at the International Monetary Fund in Washington
Managing Director Kristalina Georgieva prepares for an online interview with the Chamber of Commerce at the International Monetary Fund in Washington

The International Monetary Fund (IMF) on Wednesday approved $110.4 million in emergency support for the Kingdom of Eswatini to respond to COVID-19 economic fallout.

The approval was made under the Rapid Financing Instrument (RFI) to meet the urgent balance of payment needs stemming from the COVID-19 pandemic.

The IMF said the COVID-19 pandemic has magnified Eswatini’s existing economic and social challenges, leading to a sharp decline in growth and large financing needs.

The loan immediate priority is to support public health, vulnerable groups and businesses.

Mr. Tao Zhang, Deputy Managing Director and Acting Chair, said “once the pandemic subsides, steadfast implementation of the authorities’ multi-year fiscal consolidation strategy and structural reform agenda will be critical to ensure debt sustainability and to support a durable and inclusive recovery and stronger governance.”

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