June 11, 2020 / 7:53 PM / 23 days ago

IMF approves additional $111.06 mln to Rwanda to address COVID-19 pandemic -statement

NAIROBI, June 11 (Reuters) - The International Monetary Fund said on Thursday it had approved an additional $111.06 million disbursement to Rwanda to address the effects of the COVID-19 pandemic on the country’s economy.

“Rwanda’s economic outlook has worsened since the approval of the first (Rapid Credit Facility) request on April 2, 2020, leading to a further downward revision in the 2020 GDP growth forecast from 5.1 to 2.0 percent due to deepening of the COVID-19 impact,” the IMF said in a statement.

The funding brings total IMF COVID-19 support to Rwanda to $220.46 million, it said, and will help finance the country’s urgent balance of payments and budget needs. (Reporting by Omar Mohammed Editing by Chris Reese)

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