IMF approves $1.23bn emergency funds for Kenya, Uganda
INTERNATIONAL – The International Monetary Fund approved $1.23 billion of emergency funding for Kenya and Uganda, saying the coronavirus pandemic is likely to exact a severe toll on the two East African economies.
The loans bring to more than $10 billion the IMF has disbursed to African nations to help them combat the virus. Kenya’s government is negotiating with bilateral and multilateral creditors to delay debt-service payments due this year as it shores up funds it needs for health-care.
Those discussions are taking place as the Institute of International Finance coordinates talks on debt relief for emerging markets.
Source: iol.co.za
