Coronavirus: Nigeria and Ghana are the biggest African recipients of IMF funds - Report

Coronavirus: Nigeria and Ghana are the biggest African recipients of IMF funds - Report

- Ghana and Nigeria have been named as the top two African beneficiaries of funding from the International Monetary Fund

- This is contained in a fresh report that also has Kenya, Uganda, Senegal, Ethiopia as some of the beneficiary nations

- 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 claimed.

The remaining eight countries that complete the list of the top 10 beneficiary nations in the continent are Ivory Coast, Tunisia, Kenya, Uganda, Senegal, Ethiopia, DRC and Mozambique.

Legit.ng understands that ministers from Africa recently held a video conference call to share ideas on debt relief.

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COVID-19: Ghana and Nigeria are the biggest African recipients of IMF funding - Report

Source: thebftonline.com
Source: UGC

According to the thebftonline.com report, a vital issue recognized was how to cut the payments without jeopardizing Africa's future access to markets.

One of the ministers was reported to have requested that his identity should be protected because of fears of victimization of his country if he is too vocal about a waiver move.

Meanwhile, 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 reportedly issued $10 billion in emergency lending to African countries.

The continent’s economy is projected to tumble by at least 1.25% this year which is the worst reading on record.

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Earlier, Legit.ng reported that the board of the IMF has approved the sum of $3.4billion to support Nigeria’s COVID-19 fight.

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The grant to Nigeria is the highest so far to any member country. The grant called Rapid Financing Instrument (RFI) is granted to member countries that are not under an IMF programme.

The news was announced on Twitter by a former African Development Bank Former AfDB Lead Economist on Nigeria, Barbara Barungi.

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Source: Legit.ng

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