To address this urgent need, the IMF approved US$411 million emergency assistance for Ethiopia under the Rapid Financing Instrument. The country will also benefit from IMF debt service relief under the Catastrophe Containment and Relief Trust. The immediate priority is to increase spending on health care and provide emergency assistance, including food assistance. “Fund emergency support under the Rapid Financing Instrument and debt relief under the Catastrophe Containment and Relief Trust would help address balance of payments pressures and create fiscal space for essential pandemic-related expenditures. Participation in the G20 debt relief initiative could provide additional resources to respond to the pandemic.”More informationIMF Lending Tracker (emergency financing request approved by the IMF Executive Board)https://www.imf.org/en/Topics/imf-and-covid19/COVID-Lending-TrackerIMF Executive Board calendarhttps://www.imf.org/external/NP/SEC/bc/eng/index.aspx

Source: Ethiopian News April 30, 2020 20:48 UTC