The government of Djibouti will benefit from $43 million (SDR31.8 million, or 100% of Djibouti’s quota) granted by the International Monetary Fund under the Rapid Credit Facility (RCF) to meet the urgent balance of payments needs stemming from the coronavirus pandemic.
IMF has also approved a debt relief under the Catastrophe Containment and Relief Trust, allowing the country to benefit from up to $2.3 million additional resources over the next 5 months and up to $8.2 million over the next 23 months.
The arrival of this pandemic has heavily dampened the short-term macroeconomic outlook of Djibouti, creating urgent spending needs, including in the health sector, and is also expected to harm government revenue.
IMF support “will provide additional resources for the essential health and other emergency spending, including social safety nets,” the institution said.
According to IMF projections, Djibouti's economic growth is expected to fall sharply to 1% of GDP in 2020, far below the 7.5% and 8.4% in 2019 and 2018 respectively.
Borgia Kobri
Enko Capital acquires Servair’s fast-food unit in Côte d’Ivoire, including the Burger King franchi...
(EBID) - EBID aims to allocate nearly 41% of its commitments to projects with environmental and...
As the Japanese automaker faces global headwinds, it is doubling down on its operations in Egypt, ai...
Mobile phones have become essential tools for work, education, payments and staying connected across...
Africa produces what it doesn’t consume, and consumes what it doesn’t produce. That stark line captu...
From eastern Chad, where measles and meningitis are spreading through overcrowded refugee camps, to the progress and fragility of vaccination campaigns...
A staple of West African cuisine, onions are among the sub-region’s most widely grown horticultural products and a key driver of intra-regional trade,...
Niger adopts draft decree to regulate firearm acquisition, possession, and use New framework introduces stricter controls, traceability requirements,...
Chad and Algeria sign agreement to study a 20,000 bpd refinery project Chad continues to import large volumes of refined products despite crude output...
CANAL+'s film arm backs a ZAR 300-million feature rooted in South Africa's anti-apartheid music movement. Production kicks off June 29 in Cape Town,...
Burkina Faso launches “SORA” university series filming in Ouagadougou 25-episode project explores student life challenges and...