The International Monetary Fund (IMF) has approved a total of $18 billion so far to help dozens of countries bear the impact of the coronavirus pandemic, a spokesperson said on Thursday.
“100 COUNTRIES REQUESTED IN ASSISTANCE”
“Since roughly the beginning of April until May 6th, yesterday, we have approved financing for 50 countries under these emergency facilities,” Gerry Rice, the head of the IMF communications department, said at a virtual press briefing. “It’s an IMF moving at an unprecedented speed in an unprecedented way to meet this unprecedented challenge, which we are all facing of course.”
He said over 100 countries had requested or expressed interest in assistance from the IMF since the start of the coronavirus crisis.
The spokesperson said the fund had increased access to its emergency facilities – the rapid credit facility and the rapid financing instrument – to meet an expected global demand of $100 billion. To ensure misuse of funds, he said member countries were asked to commit that the money was only being used for urgent purposes related to coronavirus.