The International Monetary Fund announced in a July 20 statement it has agreed to write off up to $7.6 million of Burundi’s debt.
The move aims to help the country face the coronavirus crisis and the socio-economic challenges that came with it. It is part of the Catastrophe Containment and Relief (CCR) Trust, and is expected to "help free up resources for public sector health needs including other emergency spending and help mitigate the balance of payments shock posed by the COVID-19 pandemic,” the IMF said.
With 328 positive cases, including one death, Burundi expects its external financing needs to increase considerably for 2020 and 2021. This situation is due in particular to a drop in exports, a high need for imports, and a reduction in remittances from the diaspora.
“Given the risks ahead, it will be important to ensure close cooperation with multilateral organizations and donors and ensure adequate budget allocations toward health and other priority spending,” the IMF said in its statement.
The relief measure concerns Burundi's debt service due to the IMF from 21 July to 13 October 2020. Additional relief will also be provided if resources are available, this time covering the period from 14 October 2020 to 13 April 2022, which could bring total debt service relief to the about $24.97 million.
Moutiou Adjibi Nourou
• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...
In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...
• Burkina Faso-based financial group, Vista Group Holding, has acquired a majority stake in Société ...
Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...
• Kenyan President William Ruto signs strategic partnership with UK Prime Minister Keir Starmer to b...
• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might seek to address rating concerns • April 2026 allows...
• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo • License award comes on stream as part of the...
• The International Monetary Fund (IMF) has authorized a $262.3 million disbursement for Ethiopia, taking total payments under Extended Credit...
• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boosting regional trade and investment• Part of broader...
The Gerewol tradition is a fascinating ritual celebrated by the Bororo Fulani, a nomadic community primarily located in Chad and Niger. This annual...
In northern Ethiopia, in the Tigray region, lies Axum (also spelled Aksum), an ancient city that once stood at the heart of one of Africa’s most powerful...