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IMF Approves $411Million in Emergency COVID-19 Funding for Ethiopia

© Sputnik / Natalia Seliverstova / Go to the mediabankThe International Monetary Fund in Washington, D.C.
The International Monetary Fund in Washington, D.C. - Sputnik International
WASHINGTON (Sputnik) - The International Monetary Fund (IMF) said in a statement on Thursday that it has approved emergency funding of $411 million for Ethiopia to help the country address the effects of the novel coronavirus (COVID-19) pandemic.
"Ethiopia is facing a pronounced economic slowdown and an urgent balance of payments need owing to the COVID-19 pandemic", the statement said. "To address this urgent need, the IMF approved US$411 million emergency assistance for Ethiopia under the Rapid Financing Instrument. The country will also benefit from IMF debt service relief under the Catastrophe Containment and Relief Trust".

On Tuesday, the International Monetary Fund approved $3.4 billion in emergency funding for Nigeria amid the novel coronavirus pandemic and the collapse of oil prices that severely affected the country.

Earlier this month, the IMF said it was providing some $100 billion as a short-term liquidity line to more than 100 countries requiring emergency financing due to hardship caused by the COVID-19 pandemic.

Africa alone faced a budget shortfall of $44 billion due to economic stress from the pandemic, according to a joint World Bank-IMF statement on 17 April.

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