The International Monetary Fund has approved new emergency aid for 28 countries, 22 of which are African nations.
Funds will enable these nations to either pay back their debts or mitigate the impact of the Covid-19 pandemic on their soil.
Back in April, the IMF cancelled the debts of 25 of the most economically-challenged countries by activating an emergency mechanism. Then, under the Natural Disaster Response and Assistance Trust Fund about $500 million was released.
This financial assistance is coming as a quick and effective operation that will now also be applied towards the 28 recipients. They could receive a total of $959 million by April 2022 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 has been waiting for the international community’s validation of the new Malian government before honouring its eligibility as the West African nation sits on the waiting list.
Since ECOWAS has lifted its suspension on the West African nation following its military coup that toppled the elected government, Mali should benefit from the aid deal.