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22 African Countries Among World’s 28 Poorest Countries To Receive IMF Emergency Aid

A newly arrived woman fleeing from the drought affected areas in the Lower Shabelle Region cooks for her family at al-Adala Internally displaced people (IDP) Camp just outside of the Somali capital Mogadishu on May 15, 2019.  (ABDIRAZAK HUSSEIN FARAH/AFP/Getty Images)

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.

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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.

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Written by PH

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