Washington, USA, March 4, 2020//-The International Monetary Fund (IMF) has made available about $50 billion through its rapid-disbursing emergency financing facilities for low income and emerging market countries that could potentially seek support from deadly coronavirus.
The Managing Director of IMF, Kristalina Georgieva announced this at joint press conference with World Bank Group President David Malpass on the Coronavirus Response in Washington today.
Of this, $10 billion is available at zero interest for the poorest members through the Rapid Credit Facility, she added.
In her words: “Thanks to the generosity of our shareholders, we have about $1 trillion in overall lending capacity. For low-income countries, we have rapid-disbursing emergency financing of up to $10 billion (50 percent of quota of eligible members) that can be accessed without a full-fledged IMF program”.
Other members Georgieva noted could access emergency financing through the Rapid Financing Instrument.
This facility could provide about $40 billion for emerging markets that could potentially approach us for financial support.
“We also have the Catastrophe Containment and Relief Trust – the CCRT – which provides eligible countries with up-front grants for relief on IMF debt service falling due.
The CCRT proved to be effective during the 2014 Ebola outbreak, but is now underfunded with just over $200 million available against possible needs of over $1 billion. I called on member countries to help ensure that this facility is fully re-charged and ready for the current crisis”.
Their united message to the public is that the Fund is fully committed to supporting our member countries, particularly the most vulnerable; they have the tools to help; and they are coordinating closely with their partner institutions.
African Eye Report