(Ecofin Agency) - The IMF Board approved on June 19 the disbursement of $148 million to combat the economic and social shocks of the coronavirus pandemic in Guinea.

The money is granted under the Rapid Credit Facility initiated by the Fund to help vulnerable countries address urgent balance of payment and fiscal financing needs stemming from the COVID-19 pandemic. It will be used to finance health spending, protect the most vulnerable, and provide support for the private sector.

“Guinea has been severely affected by the COVID-19 pandemic. Worsening global conditions and a rapidly spreading local outbreak have further weakened the short-term outlook. The pandemic and mitigation measures have given rise to an urgent balance of payments and fiscal financing needs. The disbursement under the Rapid Credit Facility will provide timely support to address these needs and should help catalyze donors’ financial assistance,” said Mitsuhiro Furusawa, IMF Acting Chair and Deputy Managing Director.

The latest official data reports 4,960 positive covid-19 cases in Guinea with 27 deaths and 3,580 recoveries.

Moutiou Adjibi Nourou