Public Management

IMF approves $7.6 mln debt relief to Burundi

IMF approves $7.6 mln debt relief to Burundi
Tuesday, 21 July 2020 17:15

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

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
WAEMU states collectively raised nearly 7,000 billion CFA francs in the first half of 2025, a record amount driven by increased financing needs, the...
• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0.6% in May, bolstered by a decline in food costs. •...
• Interbank volumes rose 18.7% in May, while rates declined across the market• The BCEAO cut its main policy rate to 3.25% following a sharp drop in...
• EY is preparing to leave Francophone Sub-Saharan Africa by 2026• The exit could unlock $500 million to $1 billion in annual market...
Most Read
01

• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...

Coffee: Global Consumption Expected to Reach Record Level in 2025/2026
02

• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo...

Algeria Awards Commercial 5G Licenses
03

• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...

Afreximbank Bonds Retain Market Confidence Despite Moody’s Downgrade
04

• Kenyan President William Ruto signs strategic partnership with UK Prime Minister Keir Starmer to b...

William Ruto in London: New Agreement Aims to Double Kenya-UK Trade by 2030
05

• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector cou...

IFC Plans Investment Fund to Help Grow African Film Industry
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

Benjamin FLAUX
bf@agenceecofin.com 
Téls: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.