WASHINGTON (Pakistan Point News / Sputnik - 02nd May, 2020) Malawi will receive $91 million in emergency funds as the nation struggles to contain the novel coronavirus (COVID-19) and cushion economic fallout of the pandemic, the International Monetary Fund (IMF) said in a press release.
"Malawi is being severely affected by the COVID-19 pandemic. Spillovers from the sharp global slowdown as well as the economic disruption in the region are weighing on international trade, tourism, remittances, investment, and consumption. The national lockdown introduced to contain the pandemic has also impacted the near-term economic outlook, which has deteriorated significantly, with large uncertainties surrounding the duration and spread of the pandemic," the release said on Friday.
As result, the IMF Executive board approved the $91 million disbursement from the agency's Rapid Credit Facility, the release added.
The IMF credited Malawian authorities with a national response plan that aims to preserve economic stability while boosting spending for treatment of infected patients and to supply food for the nation's most vulnerable households.
During the COVID-19 pandemic thus far, the IMF says it has responded to requests from 102 nations, allowing the agency to meet an anticipated demand for about $100 billion in emergency funding.
