Rwanda to receive $11 million in debt relief from IMF

Rwanda is set to receive approximately US$11 million in debt service relief from the International Monetary Fund (IMF) for an initial period of six months, as part of the organization’s efforts to help cope with the impact of the COVID-19 pandemic.

“Rwanda is among 25 developing and poor countries in the world that will receive immediate debt service relief from the IMF to help cope with the impact of the COVID-19 pandemic,” Samba said on Tuesday. Mbaye, IMF Resident Representative for Rwanda.

“COVID-19 has inflicted great damage on the global economy and the poorest countries are the most vulnerable to the pandemic, so they need debt relief to cope with the process of economic recovery,” Mbaye told Xinhua in a phone interview.

The IMF will continue its fundraising efforts and provide further debt service relief for up to 24 months depending on the availability of resources, Mbaye added.

The IMF on Monday announced its approval of immediate debt service relief for 25 of its member countries under the organization’s new Catastrophe Containment and Relief Trust to help fight COVID-19.

Earlier this month, Rwanda said it had, together with the IMF, cut the country’s growth forecast for 2020 to 5.1% from its previous projection of 8% due to the COVID outbreak. -19.

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