The International Monetary Fund approved new emergency aid for 28 countries on Monday — 22 of which are African. Funds received will enable these nations to either pay back their debts or mitigate the debilitating impact of the Covid-19 pandemic on their soil.

In April, the IMF cancelled the debts of 25 of the economically-challenged countries by activating an emergency mechanism, the Natural Disaster Response and Assistance Trust Fund of about 500 million USD.

A quick and effective operation of financial assistance that will now also be applied towards the 28 recipients - who could receive a total of 959 million USD by April 2022 — and as a grant, not a loan.

In Africa, with the exception of Rwanda, it is the least wealthy who will qualify for this aid.

The IMF awaits the international community’s validation of the new Malian government before honouring its eligibility as the West African nation sits on the waiting list.

Source: The African Mirror