COVID-19: IMF approves $111.06m to limit impact on Rwanda’s economy

The International Monetary Fund has approved an additional $111.06 million disbursement to Rwanda to address the effects of the coronavirus pandemic on the country’s economy.

The IMF said that the additional funds became necessary due to the unprecedented spending needs generated by the pandemic, combined with losses of revenues and pressures on public finances.

It added that this would help finance the country’s budget needs

“Rwanda’s economic outlook has worsened since the approval of the first (Rapid Credit Facility) request on April 2, 2020, leading to a further downward revision in the 2020 GDP growth forecast from 5.1 to 2.0 percent due to deepening of the COVID-19 impact,” the IMF said in a statement.

The funding brings total IMF COVID-19 support to Rwanda to $220.46 million.

The central African country implemented lockdowns to try to stem the spread of COVID-19, including shuttering some businesses, closing borders and schools.

Authorities have since begun to gradually open up the economy, although some restrictions remain.

Rwanda has so far had 476 cases of COVID-19 and two deaths.

Source: Voice of Nigeria