The International Monetary Fund (IMF) has said that a dozen countries from the Middle East and Central Asia have requested its help in overcoming shocks triggered by the coronavirus pandemic, with Kyrgyzstan likely to become the first recipient
MOSCOW (Pakistan Point News / Sputnik - 24th March, 2020) The International Monetary Fund (IMF) has said that a dozen countries from the middle East and Central Asia have requested its help in overcoming shocks triggered by the coronavirus pandemic, with Kyrgyzstan likely to become the first recipient.
In an analysis published on Monday, the IMF focused on the impact that the "dual shock" of the COVID-19 outbreak and oil price plunge had had on both regions. The IMF said that three-quarters of the countries in both regions had already confirmed at least one coronavirus case, and some, like Iran, were facing a major outbreak.
"A dozen countries from the region have already approached the Fund for financial support. Work is ongoing to expedite approval of such requests � later this week, our Executive board will consider a request from the Kyrgyz Republic for emergency financing, likely the first such disbursement since the outbreak of the COVID-19 pandemic," the IMF said on its analytical blog.
It added that "a few other requests" would be considered in the coming days.
The fund expressed concerns that health systems in some countries of the regions were too week to cope with the disease outbreak on their own.
"This challenge will be especially daunting for the region's fragile and conflict-torn states � such as Iraq, Sudan, and Yemen � where the difficulty of preparing weak health systems for the outbreak could be compounded by reduced imports due to disruptions in global trade, giving rise to shortages of medical supplies and other goods and resulting in substantial price increases," it stated.
To date, Iran is suffering from the biggest coronavirus outbreak in the region, with 23,049 confirmed cases and 1,812 fatalities as of Monday. In mid-March, the country requested $5 billion in emergency funding from the IMF through its Rapid Financial Instrument.
Kyrgyzstan, which, too, requested aid, has so far registered 16 COVID-19 cases.
