https://www.polity.org.za
Deepening Democracy through Access to Information
Home / News / All News RSS ← Back
Close

Email this article

separate emails by commas, maximum limit of 4 addresses

Sponsored by

Close

Article Enquiry

IMF approves additional $111.06m to Rwanda to address COVID-19 pandemic

Close

Embed Video

IMF approves additional $111.06m to Rwanda to address COVID-19 pandemic

IMF approves additional $111.06m to Rwanda to address COVID-19 pandemic
Photo by Reuters

12th June 2020

By: Reuters

SAVE THIS ARTICLE      EMAIL THIS ARTICLE

Font size: -+

The International Monetary Fund said on Thursday it had approved an additional $111.06-million disbursement to Rwanda to address the effects of the Covid-19 pandemic on the country's economy.

"Rwanda's economic outlook has worsened since the approval of the first (Rapid Credit Facility) request on April 2, 2020, leading to a further downward revision in the 2020 GDP growth forecast from 5.1 to 2.0 percent due to deepening of the Covid-19 impact," the IMF said in a statement.

Advertisement

The funding brings total IMF Covid-19 support to Rwanda to $220.46-million, it said, and will help finance the country's urgent balance of payments and budget needs.

The central African country implemented one of Africa's strictest lockdowns to try to stem the spread of Covid-19, the respiratory disease caused by the novel coronavirus, including shuttering some businesses, closing borders and schools.

Advertisement

Authorities have since begun to gradually open up the economy, although some restrictions remain.

"The unprecedented spending needs generated by the pandemic, combined with losses of revenues, are putting significant pressures on public finances," the IMF said.

Rwanda's economy partly depends on tourism earnings, but the sector has virtually ground to a halt during the outbreak.

Rwanda has so far had 476 cases of Covid-19 and two deaths.

 

EMAIL THIS ARTICLE      SAVE THIS ARTICLE

To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here

Comment Guidelines

About

Polity.org.za is a product of Creamer Media.
www.creamermedia.co.za

Other Creamer Media Products include:
Engineering News
Mining Weekly
Research Channel Africa

Read more

Subscriptions

We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store

Advertise

Advertising on Polity.org.za is an effective way to build and consolidate a company's profile among clients and prospective clients. Email advertising@creamermedia.co.za

View options
Free daily email newsletter Register Now