IMF approves $34.4 mln disbursement for Central African Republic

imf-approves-$34.4-mln-disbursement-for-central-african-republic

JOHANNESBURG: The ’s () executive board approved a disbursement to Central African Republic of about $34.4 after completing the first and second reviews of its $115 million program, the Fund said on Wednesday.

The country is facing the duel challenges of the coronavirus pandemic as well as a resurgent rebel offensive launched in opposition to elections held last month.

IMF Deputy Managing Director Mitsuhiro Furusawa said in a statement that the fallout from the virus appeared to have receded, but the remained fragile.

“The Covid-19 pandemic has had a substantial impact on C.A.R’s economy but appears to be somewhat contained,” he said. “Given its high risk of debt distress and limited revenue base, C.A.R. will have to continue to rely heavily on grant financing for its most pressing spending needs.”

The gold- and diamond-rich nation of 4.7 million has been hit


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