- Ghana and Nigeria have been named as the top two African beneficiaries of funding from the International Monetary Fund
- The eight other African counries are Ivory Coast, Tunisia, Kenya, Uganda, Senegal, Ethiopia, DRC and Mozambique
- The IMF has reportedly issued $10 billion in emergency lending to African countries since COVID-19 broke out
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Ghana and Nigeria have been identified as the top two African recipients of funding from the International Monetary Fund (IMF), a new report has suggested.
The remaining eight countries that complete the list of the top 10 beneficiaries are Ivory Coast, Tunisia, Kenya, Uganda, Senegal, Ethiopia, DRC and Mozambique.
YEN.com.gh understands that ministers from Africa recently held a video conference call to share ideas on debt relief.
READ ALSO: IMF says countries have spent a total of $8 trillion to combat COVID-19
Per a report by thebftonline.com, a recurrent issue recognized was how to cut the payments without jeopardizing future access to markets.
One of them requested that his identity should be protected because of fears of victimization of his country if he is too vocal about a waiver in public.
Benin’s Finance Minister, Romuald Wadagni, stated that the risk of being shut out of debt markets may outweigh the benefits of a debt-service suspension.
Information available to YEN.com.gh shows that a group of the world’s largest economies has agreed to suspend about $20 billion in debt servicing payments for 73 nations and the IMF has also granted waivers on loans to 25.
Since the coronavirus broke out in Africa, the IMF has issued $10 billion in emergency lending to African countries.
The continent’s economy is projected to contract by at least 1.25% this year which is the the worst reading on record.
YEN.com.gh earlier reported that the IMF has given its approval for a $1 billion credit facility to Ghana to combat the coronavirus pandemic that has ravaged the economy and inflicted hardship on Ghanaians.
The IMF, on Monday, April 13, 2020, approved the fund, which would be drawn under the Rapid Credit Facility.
The outbreak of the coronavirus has negatively impacted Ghana’s economy and has led to a slowdown of growth, the tightening of financial conditions and placed pressure on the exchange rate.
READ ALSO: IMF extends time for repayment of debt by 25 poor countries by 6 months
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