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IMF to make $50bn available in emergency aid

The fund has received requests for emergency financing from almost 20 countries in Africa.
Image: Shutterstock

The International Monetary Fund will provide $50 billion in emergency facilities to low-income and emerging-market countries to mitigate the economic shocks of the coronavirus, including $10 billion in concessional loans.

“Our member countries need us more than ever,” the IMF said on its website Wednesday. “Discussions between IMF teams and country officials are advancing quickly.”

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

© 2020 Bloomberg L.P.

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