WASHINGTON (Pakistan Point News / Sputnik - 01st August, 2020) Gabon will receive $152 million in the second emergency disbursement to address fallout from the measures implemented to address the novel coronavirus pandemic, the International Monetary Fund (IMF) said in a press release on Friday.
"Today's purchase brings total IMF COVID-19 support under the RFI [Rapid Financial Instrument] to Gabon to US$299.61 million," the release said.
The release credited Gabon's authorities with implementing "commendable measures" to limit the spread of the novel coronavirus pandemic.
However, since the approval of the first RFI purchase on April 9, 2020, weaker external demand and a more pronounced impact of containment measures have further deteriorated growth prospects and worsened external and fiscal positions, the release said.
The Gabonese authorities adopted a revised budget focused on addressing imminent healthcare needs to save lives, protecting the most vulnerable, and supporting the private sector, notably small businesses, the release added.
The latest disbursement will help the nation accommodate a resulting increase in the nation's budget deficit due to crisis-related emergency measures and address continued economic deterioration, according to the release.
