The International Monetary Fund approved new emergency aid for 28 countries on Monday — 22 of which are African. Funds received will enable these nations to either pay back their debts or mitigate the debilitating impact of the Covid-19 pandemic on their soil.
In April, the IMF cancelled the debts of 25 of the economically-challenged countries by activating an emergency mechanism, the Natural Disaster Response and Assistance Trust Fund of about 500 million USD.
SEE FULL LIST: IMF Approves Aid For World’s 28 Poorest Countries
A quick and effective operation of financial assistance that will now also be applied towards the 28 recipients – who could receive a total of 959 million USD by April 2022 — and as a grant, not a loan.
The IMF awaits the international community’s validation of the new Malian government before honouring its eligibility as the West African nation sits on the waiting list.