The International Monetary Fund has approved a $7.6 million debt relief to Burundi to help it deal with the impact of the COVID-19 pandemic.
IMF said the debt relief will help free up the East African country’s resources for public sector health needs including other emergency spending and help mitigate the balance of payments shock posed by the pandemic.
“Economic growth projections for 2020 have been revised down by 5.3 percentage points to -3.2 percent in 2020. The pandemic has exacerbated preexisting economic challenges and creates significant external financing needs in 2020 and 2021, mainly as a result of lower exports, elevated imports needs, and reduced remittances inflows,” the IMF said in a statement. “The pandemic has also c…
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