After the COVID-19 was declared a pandemic by the World Health Organization (WHO), various international financial agencies have been providing economic and technical assistance to countries in helping combat the economic impact. Accordingly, the International Monetary Fund (IMF) is providing emergency financial assistance and debt relief to member countries facing the economic impact of the COVID-19 pandemic. Consequently, various emergency financing have been approved by the IMF’s Executive Board under the Rapid Credit Facility (RCF) and the Rapid Financing Instrument (RFI), as well as augmentation of existing financing arrangements. Further, debt relief grants, financed by the Catastrophe Containment and Relief Trust (CCRT) have also been extended to many countries by the IMF.
As of June 3, 2020, the IMF has provided economic relief of USD 23,837.4 million to 70 low income countries. Out of the total USD 23,837.4 million, an amount of USD 23,608 million has been extended through emergency financing measures to 66 countries and the remaining amount of USD 229.31 million under debt relief program to 26 countries.
Pakistan is 3rd in the list of countries which have received emergency relief. An amount of USD 1,386 million has been received under the Rapid Financing Instrument (RFI). The financing was approved by IMF executive board on April 16, 2020.
Similarly, Nigeria ranks first as it has received an amount of USD 3,400 million under the same RFI scheme. Egypt stands in the second place with an economic relief amounting to USD 2,772 million. While Bangladesh has availed relief of USD 732 million under RFI and Rapid Credit Facility (RCF).
Complete list of the countries availing relief from IMF (in million USD)
| Country | Augmentation | CCRT | RCF | RFI | Total |
|---|---|---|---|---|---|
| Nigeria | – | – | – | 3,400.0 | 3,400.0 |
| Egypt | – | – | – | 2,772.0 | 2,772.0 |
| Pakistan | – | – | – | 1,386.0 | 1,386.0 |
| Ghana | – | – | 1,000.0 | – | 1,000.0 |
| Côte d’Ivoire | – | – | 295.4 | 590.8 | 886.2 |
| Tunisia | – | – | – | 745.0 | 745.0 |
| Kenya | – | – | 739.0 | – | 739.0 |
| Bangladesh | – | – | 244.0 | 488.0 | 732.0 |
| Dominican Republic | – | – | – | 650.0 | 650.0 |
| Ecuador | – | – | – | 643.0 | 643.0 |
| Jamaica | – | – | – | 520.0 | 520.0 |
| Panama | – | – | – | 515.0 | 515.0 |
| Costa Rica | – | – | – | 508.0 | 508.0 |
| Uganda | – | – | 491.5 | – | 491.5 |
| Senegal | – | – | 147.4 | 294.7 | 442.1 |
| Ethiopia | – | 12.0 | – | 411.0 | 423.0 |
| Jordan | – | – | – | 396.0 | 396.0 |
| El Salvador | – | – | – | 389.0 | 389.0 |
| Congo | – | 20.3 | 363.3 | – | 383.6 |
| Georgia | 375.6 | – | – | – | 375.6 |
| Uzbekistan | – | – | 125.0 | 249.3 | 374.3 |
| Bosnia and Herzegovina | – | – | – | 361.0 | 361.0 |
| Bolivia | – | – | – | 327.0 | 327.0 |
| Mozambique | – | 14.9 | 309.0 | – | 323.9 |
| Paraguay | – | – | – | 274.0 | 274.0 |
| Bahamas | – | – | – | 250.0 | 250.0 |
| Kyrgyz Republic | – | – | 80.7 | 161.3 | 242.0 |
| Moldova | – | – | 78.4 | 156.7 | 235.1 |
| Cameroon | – | – | 226.0 | – | 226.0 |
| Afghanistan | – | 3.3 | 220.0 | – | 223.3 |
| Honduras | 223.0 | – | – | – | 223.0 |
| Nepal | – | 3.9 | 214.0 | – | 217.9 |
| Mali | – | 10.0 | 200.0 | – | 210.0 |
| Tajikistan | – | 10.7 | 189.5 | – | 200.2 |
| North Macedonia | – | – | – | 191.8 | 191.8 |
| Albania | – | – | – | 190.5 | 190.5 |
| Armenia | 175.0 | – | – | – | 175.0 |
| Madagascar | – | 4.2 | 166.0 | – | 170.2 |
| Sierra Leone | – | 18.3 | 143.0 | – | 161.3 |
| Gabon | – | – | – | 147.0 | 147.0 |
| Mauritania | – | – | 130.0 | – | 130.0 |
| Burkina Faso | – | 12.0 | 115.3 | – | 127.3 |
| Niger | – | 7.7 | 114.5 | – | 122.2 |
| Rwanda | – | 11.0 | 109.4 | – | 120.4 |
| Haiti | – | 5.6 | 111.6 | – | 117.2 |
| Chad | – | – | 115.1 | – | 115.1 |
| Benin | 103.3 | 10.2 | – | – | 113.5 |
| Togo | 97.1 | 5.1 | – | – | 102.2 |
| Malawi | – | 9.9 | 91.0 | – | 100.9 |
| Mongolia | – | – | – | 99.0 | 99.0 |
| Barbados | 91.0 | – | – | – | 91.0 |
| Kosovo | – | – | – | 56.5 | 56.5 |
| Djibouti | – | 2.3 | 43.4 | – | 45.7 |
| Central African Rep. | – | 4.1 | 38.0 | – | 42.1 |
| Cabo Verde | – | – | 32.0 | – | 32.0 |
| Seychelles | – | – | – | 31.2 | 31.2 |
| St. Lucia | – | – | 29.2 | – | 29.2 |
| Maldives | – | – | 28.9 | – | 28.9 |
| Solomon Islands | – | 0.1 | 9.5 | 19.0 | 28.6 |
| Gambia | – | 2.9 | 21.3 | – | 24.2 |
| Grenada | – | – | 22.4 | – | 22.4 |
| Guinea | – | 22.4 | – | – | 22.4 |
| Samoa | – | – | 22.0 | – | 22.0 |
| Yemen | – | 19.8 | – | – | 19.8 |
| St. Vincent | – | – | 16.0 | – | 16.0 |
| Liberia | – | 15.9 | – | – | 15.9 |
| Dominica | – | – | 14.0 | – | 14.0 |
| Comoros | – | 1.3 | 4.1 | 8.1 | 13.5 |
| São Tomé | – | 0.2 | 12.3 | – | 12.4 |
| Guinea-Bissau | – | 1.5 | – | – | 1.5 |
| Grand Total | 1,065.0 | 229.3 | 6,312.2 | 16,230.9 | 23,837.4 |
