Coronavirus: Nigeria and Ghana are the biggest African recipients of IMF funds – Report

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Ghana and Nigeria have been named as the top two African beneficiaries of funding from the International Monetary Fund

This is contained in a fresh report that also has Kenya, Uganda, Senegal, Ethiopia as some of the beneficiary nations

The IMF has reportedly issued $10 billion in emergency lending to African countries since Covid-19 broke out

Ghana and Nigeria have been identified as the top two African recipients of funding from the International Monetary Fund (IMF), a new report has claimed.

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The remaining eight countries that complete the list of the top 10 beneficiary nations in the continent are Ivory Coast, Tunisia, Kenya, Uganda, Senegal, Ethiopia, DRC and Mozambique.

 Ministers from Africa recently held a video conference call to share ideas on debt relief.

COVID-19: Ghana and Nigeria are the biggest African recipients of IMF funding - Report

According to the thebftonline.com report, a vital issue recognized was how to cut the payments without jeopardizing Africa’s future access to markets.

READ ALSO:Nigerians’ll pay higher electricity tariffs, FG promises IMF

One of the ministers was reported to have requested that his identity should be protected because of fears of victimization of his country if he is too vocal about a waiver move.

Meanwhile, a group of the world’s largest economies has agreed to suspend about $20 billion in debt servicing payments for 73 nations and the IMF has also granted waivers on loans to 25.

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Since the coronavirus broke out in Africa, the IMF has reportedly issued $10 billion in emergency lending to African countries.

The continent’s economy is projected to tumble by at least 1.25% this year which is the worst reading on record.

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