IMF to disburse $156 million to Cameroon as emergency aid for COVID-19 response

The International Monetary Fund has announced $156 million for Cameroon in an effort to cover up the shortage in the country’s budget and to balance payments due to the COVID-19 pandemic. As per an IMF press release, the amount being allotted to Cameroon is around 40 percent of its credit line.

The IMF press release read, "This is the second emergency disbursement to the country since the onset of the COVID-19 pandemic, bringing total IMF emergency support since the outbreak of the pandemic to SDR [special drawing rights] 276 million (about USD 382 million, 100 per cent of quota)."

Read: COVID-19 Has Resulted In Largest Global Economic Contraction In 80 Years, Say World Bank And IMF

Read: IMF: Nearly All Mideast Economies Hit By Pandemic Recession

Much needed emergency aid to Cameroon

As per the IMF, Cameroon has mounted a proactive response to the COVID-19 pandemic and has not only made efforts to contain the disease but also to boost health and social spending. The emergency funds provided to Cameroon will be used to pay for various crisis-related emergency programs and cope with a pandemic-related economic slowdown as well.

In other development, IMF on Wednesday, October 21 revealed that the growing tensions between the US and China trade relations could hamper the recovery of the global economy in the post COVID-19 era. In addition to the rising tensions between the two countries, the IMF also highlighted several other obstacles to a smooth post COVID recovery, such as a second wave of the virus which Europe is currently experiencing, as well as social inequality.

The IMF, in partnership with the World Bank, also revealed that the COVID-19 pandemic and the steps taken to curb is spread have resulted in the largest global economic contraction in eight decades. This, as per the IMF, has raised the world poverty rate, exacerbated inequalities and damaged long-term economic growth prospects.

(With ANI inputs, Image ANI)

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