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Sunday, June 26, 2022

Nigeria tops list as IMF disburses more than $10bn to Africa

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The International Monetary Fund (IMF) yesterday approved $1.23 billion of emergency funding for Kenya and Uganda, saying the coronavirus pandemic is likely to exact a severe toll on the two East African economies.
The loans mean the IMF has disbursed more than $10 billion to African nations to help them combat the virus.

Top of the list is Nigeria which has received $3.4 billion, Ghana $1 billion, Ivory Coast $900 million, Tunisia $700 million, Kenya $700 million, Uganda $500 million, Senegal $400 million, Ethiopia $400 million, Congo DRC $400 million and Mozambique $300 million.

The Group of 20 nations recently called for a debt moratorium for the world’s poorest nations, many of which are in Africa.

Gabon said yesterday it was seeking debt relief from its creditors. Finance Minister Jean-Marie Ogandaga said he’s in talks with all the country’s multilateral creditors and has written to the government’s Chinese partners and Afreximbank.

Nigerian President Muhammadu Buhari for his part had a call with the Prime Minister of Pakistan about debt relief.

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