In October, the International Monetary Fund (IMF) conducted assessments of the economic, financial, social, and governance policies of approximately eight African nations to bolster their declining foreign exchange reserves and offer financial support for their budgets.
Out of the eight nations that required approval from the IMF Executive Board, seven have pledged to provide over $1 billion in funding following the conclusion of the assessments.
Africa has been dealing with a diverse set of issues for a considerable period, encompassing economic inequalities, inadequate healthcare, infrastructure gaps, and political instabilities.
| Rank | Country | Fund |
|---|---|---|
| 1. | Senegal | $276 million |
| 2. | Rwanda | $262 million |
| 3. | Democratic Republic of Congo | $200.39 million |
| 4. | Tanzania | $150 million |
| 5. | Somali | $100 million |
| 6. | Gambia | $10.9 million |
| 7. | Comoros | $4.7 million |
The support from the IMF offers the potential to strengthen fragile economies, alleviate the effects of worldwide economic changes, and establish a foundation for sustainable progress.
Usually, the IMF’s assistance to Africa aims to encourage a stronger dedication to creating conditions that enable African countries to unlock their potential, empowering them to establish robust, self-reliant economies and flourishing societies.
In this regard, here is the roster of African nations slated to receive financial aid from the IMF, as indicated in a report by the East African.
Source: Business Insider