Coronavirus: Sub-Saharan African countries secure $50 billion from the International Monetary Fund to fight outbreak

March 26, 2020 8:19 AM

The International Monetary Fund has disclosed that it will provide $50 billion in emergency facilities to countries in sub-Saharan Africa by early April.

The Director of the African Department at the IMF, Mr Abebe Aemro Selassie

This is to help mitigate the economic shocks of the Coronavirus.

The IMF will include some $10 billion in concessional loans for low-income countries, according to a Bloomberg report.

The Bretton Wood institution in a statement published on its website on Wednesday, March 25, 2020, said, “Our member countries need us more than ever.”

Adding that “Discussions between IMF teams and country officials are advancing quickly.”

The IMF has received requests for emergency financing from almost 20 countries and expects 10 additional countries to seek its help, it said.

Most African countries have closed international borders and grounded planes as the case count has climbed to more than 2,000 confirmed cases in less than a month.