MIL OSI Translation. Government of the Republic of France statements from French to English –
Source: IMF in French
IMF loans, a lifeline to ensure the urgent financing needs generated by the pandemic
The IMF Blog Team
November 16, 2020
The COVID-19 pandemic is resulting in a heavy human toll and disruption to the global economy that has resulted in unprecedented demand for funding. More than a third of IMF member countries have benefited from IMF support. Since the onset of the pandemic, the IMF has reacted swiftly and decisively to meet the urgent and exceptional demand for financial assistance to its member countries.
Since March 2020, 70 countries, including many low-income countries, have received financial assistance under two instruments created to address urgent funding needs caused by natural disasters (such as pandemics, earthquakes or hurricanes) : the quick credit facility and therapid financing instrument. This support totals $ 29 billion. In April, the IMF also approved a broad set of reforms, building on earlier changes, aimed at increasing the scope and flexibility of financial assistance provided under these mechanisms.
Other countries have also benefited from IMF support by others canals, including increases under existing programs, totaling over $ 70 billion.
Even compared to previous crises such as the Ebola epidemic, the needs created by the current pandemic are unheard of. The IMF’s rapid response helped many countries contain and mitigate the impact of this external shock. This financial assistance does not come with the classic IMF conditionality and the gradual phasing of disbursements; however, countries commit to take steps to address their challenges and demonstrate good governance by spending these resources.
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and / or sentence structure not be perfect.