IMF approves $110.4 million in emergency support for Eswatini to respond to COVID-19 economic fallout
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.”
Simon Ateba is Chief White House Correspondent for Today News Africa. Simon covers President Joe Biden, Vice President Kamala Harris, the U.S. government, the United Nations, the International Monetary Fund, the World Bank and other financial and international institutions in Washington D.C. and New York City.
