Rwanda is the first African country to receive donor money for fighting Covid19. April 2, 2020, the International Monetary Fund (IMF) approved US$109.4 million credit to Rwanda under what is termed the Rapid Credit Facility (RCF). According to the IMF, the economic impact of the COVID-19 pandemic in Rwanda “is rapidly unfolding, with the near-term outlook deteriorating quickly.”
The IMF adds that the Rwandan government has “acted fast by putting in place measures to help contain and mitigate the spread of the disease.” The RCF funds will support the Kagame government’s efforts to shore the declining international reserves, and provide money for increased spending to contain Covid19. The IMF adds that “it will continue to monitor Rwanda’s situation closely and stands ready to provide policy advice and further support as needed.”
Stay tuned.
