IMF Approves Aid for World’s 28 Poorest Countries Amidst COVID-19

By Nsunjo Erica

The International Monetary Fund on Monday approved new emergency aid for 28 of the world’s poorest countries to help them settle their debts and better cope with the impact of the coronavirus pandemic.

The IMF intends to help these poor countries cover their debt repayments to the IMF for the next six months and “free up scarce financial resources for vital emergency medical and other relief efforts” during the pandemic.

A similar announcement was passed over in mid-April by the IMF for 25 countries, which also intended at helping the poor countries’ economies thrive through these hard COVID-19 economic times

The 28 countries receiving the second tranche of aid are Afghanistan, Benin, Burkina Faso, Burundi, Central African Republic, Chad, Comoros, Democratic Republic of Congo, Djibouti, Ethiopia, Gambia, and Guinea

Additionally, Guinea-Bissau, Haiti, Liberia, Madagascar, Malawi, Mozambique, Nepal, Niger, Rwanda, Sao Tome, and Principe, Sierra Leone, the Solomon Islands, Tajikistan, Tanzania, Togo, and Yemen are also among.

According to the IMF, Mali is also eligible for aid but has not yet been added to the list because “there is a lack of clarity as to whether the international community recognizes/deals with the current military regime as the government of Mali.”

The debt relief is channeled through the Catastrophe Containment and Relief Trust (CCRT), which enables the IMF to provide grants to the poorest and most vulnerable countries hit by a natural disaster or public health crisis.

Subject to sufficient resources in the CCRT, grants could be provided for a two-year period through mid-April 2022 for an estimated total amount of $959 million. The IMF’s goal is to endow the CCRT with $1.4 billion so that it can also meet future needs.

To date, $506.5 million has been contributed by several countries, including the United Kingdom, Japan, Germany, the Netherlands, Switzerland, Norway, China, Mexico, Sweden, Bulgaria, Luxembourg, and Malta.

Current Stats On Global COVID-19 Cases.

According to the Center for Systems Science and Engineering (CSSE) at Johns Hopkins University, global COVID-19 cases surpassed 35 million on Sunday.

The global case count reached 35,008,447 with a total of 1,034,818 deaths worldwide as of 3:23 p.m. local time (1923 GMT), the CSSE data showed.

The United States reported the most cases and deaths, which stood at 7,411,716 and 209,720, respectively.

The originator of the COVID-19 virus, China had its cases standing at 90,000 and 4,700 deaths, according to the data that was present. Turkey’s overall case tally stood at 324,443 with 8,441 deaths as of Sunday.

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