The International Monetary Fund (IMF) has disbursed KSh11 billion ($109.4 million)for combating COVID19 in Rwanda. The funds will be drawn under the Rapid Credit Facility. Rwandese authorities have taken tough measures to contain the spread of coronavirus including a countrywide lockdown.
In a statement on their Twitter page, IMF said that the funds will help Rwanda fight the economic impact of COVID19. Rwanda will use some of the money to meet urgent balance of payment needs stemming from the outbreak of the COVID-19 pandemic.
The funds will also be used to stop further decline in international reserves and provide support to the country’s budget.
The IMF emergency support will help with COVID19-related pressures on trade, tourism, and foreign exchange reserves, and will provide much-needed resources for health expenditure and for households and firms affected by the crisis.
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