IMF approves additional disbursement of $52 million to Mauritania to tackle COVID-19 economic fallout Updated for 2021

82,093FansLike
2,966FollowersFollow
2,700SubscribersSubscribe
82,093FansLike
3,122FollowersFollow
2,700SubscribersSubscribe

Updated: March 5, 2021

The International Monetary Fund (IMF) on Wednesday approved an additional disbursement of $52 million to Mauritania to respond to COVID-19 economic fallout.

The new disbursement was approved under the three-year Extended Credit Facility (ECF) for Mauritania, after the IMF Executive Board completed the fifth review of the loan.

[read_more id="2" more="Read full article" less="Read less"]

The initial ECF arrangement was approved on December 6, 2017 with total access of US$164 million. The augmentation brings total access under the ECF arrangement to $193 million.

“In completing today’s review, the Board also approved the authorities’ request for an augmentation of access of SDR 20.24 million (about US$28.7 million or 15.7 percent of quota) to address higher-than-anticipated financing needs stemming from the COVID-19 pandemic,” the IMF wrote in a statement.

Mr. Mitsuhiro Furusawa, Deputy Managing Director and Acting Board Chair, said the COVID-19 pandemic continues to impose severe human, economic, and social hardships in Mauritania.

“Economic activity has slowed down sharply and the outlook has weakened. The overall budget deficit could widen significantly, giving rise to large balance of payments and fiscal financing needs. Risks are tilted to the downside given risks of a more protracted global and domestic COVID-19 outbreak,” Furusawa wrote.

“The IMF’s continued financial assistance, along with other financing from the international community, will help Mauritania respond effectively to the COVID-19 crisis by providing space to increase spending on health services and social protection programs. Further external support will be needed to close prospective financing needs next year,” he added.

[/read_more]

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

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Now

TRENDING

Confidential U.S. government report concludes Ethiopia Prime Minister Abiy Ahmed leading ethnic cleansing in Tigray region

A confidential U.S. government report has concluded that the government of Prime Minister Abiy Ahmed in Ethiopia along with allied militia fighters are leading a systematic campaign of ethnic cleansing in Tigray."Whole villages were severely damaged or completely erased," the report, first obtained by The New York Times, says.It adds that fighters from the neighboring Amhara region of Ethiopia who moved to Tigray...

Stay connected

[/read_more]

[read_more id="2" more="Read full article" less="Read less"]

error: Alert: Content is protected !!
Share
Tweet
Reddit
Pocket
Share
More