Africa to Receive Emergency IMF Grants

22 African countries have been approved for emergency aid by the International Monetary Fund. 28 countries in total were approved for assistance by the IMF on Monday.

Africa News reports that the funds will enable these countries to either pay their debts or alleviate the devastating impact of the Covid-19 pandemic on those nations.

According to Africa News, the IMF canceled the debt of 25 financially challenged countries in April after activating the Natural Disaster Response and Assistance Trust Fund of about $500 million.

The 28 recipients of the grant could receive, collectively, a total of $959 million by April 2022. The funds are not a loan.

The least wealthy countries in Africa, barring Rwanda, qualify for aid. Mali, meanwhile, is on the IMF’s waiting list until its new government receives an international endorsement.

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