World News | IMF Approves USD 156 Million for Cameroon to Finance COVID-19 Response
Get latest articles and stories on World at LatestLY. Cameroon will receive emergency aid totalling USD 156 million to help cover a shortfall in the nation's budget and balance of payments due to the coronavirus pandemic, the International Monetary Fund (IMF) said in a press release on Wednesday.
Washington [US], October 22 (ANI/Sputnik): Cameroon will receive emergency aid totalling USD 156 million to help cover a shortfall in the nation's budget and balance of payments due to the coronavirus pandemic, the International Monetary Fund (IMF) said in a press release on Wednesday.
The USD 158 disbursement from the fund's Rapid Credit Facility represents about 40 per cent of Cameroon's IMF credit line, the release said.
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"This is the second emergency disbursement to the country since the onset of the COVID-19 pandemic, bringing total IMF emergency support since the outbreak of the pandemic to SDR [special drawing rights] 276 million (about USD 382 million, 100 per cent of quota)," the release added.
The release credited Cameroon with mounting a proactive response to COVID-19 with efforts to contain the disease while boosting health and social spending.
The disbursement will help the nation pay for crisis-related emergency programs and cope with a pandemic-related economic slowdown, according to the release. (ANI/Sputnik)
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