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

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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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Simon Ateba
Simon Ateba
Based in Washington, District of Columbia, United States of America, Simon leads a brilliant team of reporters, freelance journalists, analysts, researchers and contributors from around the world to run TODAY NEWS AFRICA as editor-in-chief. Simon Ateba's journalistic experience spans over 10 years and covers many beats, including business and investment, information technology, politics, diplomacy, human rights, science reporting and much more. Write him: simonateba@todaynewsafrica.com

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