AfricaCOVID-19GlobalNews

IMF Approves USD 156 Mn for Cameroon for COVID-19 Control

Sharing is caring!

Cameroon will receive emergency aid totalling USD 156 million to help cover a shortfall in the nation’s budget and balance of payments due to the coronavirus pandemic, the International Monetary Fund (IMF) said in a press release.

The USD 158 disbursement from the fund’s Rapid Credit Facility represents about 40 per cent of Cameroon’s IMF credit line, the release said.

“This is the second emergency disbursement to the country since the onset of the COVID-19 pandemic, bringing total IMF emergency support since the outbreak of the pandemic to SDR [special drawing rights] 276 million (about USD 382 million, 100 per cent of quota),” the release added.

The release credited Cameroon with mounting a proactive response to COVID-19 with efforts to contain the disease while boosting health and social spending.

The disbursement will help the nation pay for crisis-related emergency programs and cope with a pandemic-related economic slowdown, according to the release.

SMEStreet Edit Desk

SMEStreet Edit Desk is a small group of excited and motivated journalists and editors who are committed to building MSME ecosystem through valuable information and knowledge spread.

Related Articles

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button
%d bloggers like this: