IMF Approves $1 BILLION In Emergency Aid For Ghana, $442 MILLION For Senegal

The International Monetary Fund on Monday said its executive board had approved $1 billion in emergency funding for Ghana and $442 million for Senegal to enable both countries to respond to the rapidly-spreading coronavirus pandemic.

Ghana was at high risk of debt distress, the IMF said in a statement.

It said the large disbursement of emergency aid would help the West African countries address urgent fiscal and balance of payments needs, and catalyze support from other development partners.

It said it stood ready to provide further policy advice and further support to both countries as needed.

Nigeria was however excluded from the list of African nations that were granted debt relief.

The IMF granted debt relief to a total of 25 countries.

(Reuters)