The International Monetary Fund (IMF) has received about $16 billion loan requests from countries in Sub-Saharan Africa to fight COVID-19, the Fund said at its regular press briefing from Washington D.C. on Thursday.
Gerry Rice, the Director of Communication at the IMF said of the $16 billion loans requested by countries in Sub-Saharan Africa, at least $10 billion have already been approved, an amount he described as ten times the yearly approval for the region before the pandemic.
The IMF said 21 countries in Sub-Saharan Africa have also received debt service relief exceeding $200 million from the Fund under the Catastrophe Containment and Relief Trust, which allows the IMF to provide grants for debt relief for the poorest and most vulnerable countries in the world.
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The IMF added that South Africa’s $4.2 billion loan request from the Fund would be considered on Monday July 27. The loan is expected to be approved.
On Nigeria, the IMF said it expects Africa’s most populous country, which secured a loan of $3.4 billion from the IMF in late April to fight the pandemic to utilize the fund for healthcare services and the economy.