The International Monetary Fund says the Democratic Republic of Congo is 'experiencing a severe shock' due to the coronavirus pandemic.
"DRC is experiencing a severe shock as a result of the COVID-19 pandemic," an IMF statement said.
"The short-term economic outlook has deteriorated quickly due to the fall of minerals' prices and the impact of needed containment and mitigation measures."The IMF approved a disbursement under theequivalent to about $363 million to help the DRC meet urgent balance of payment needs stemming from the pandemic.
Additional support from other development partners is expected to close the remaining gap and ease budget financing needs, the Washington-based IMF said. It said DRC authorities made a firm response to the pandemic including an increase in health-related spending but domestic revenue mobilization has suffered and foreign exchange reserves have come under pressure, while the central bank announced liquidity support.
The DRC has recorded at least 21 dead from COVID-19 out of more than 250 cases since March 10, almost all in Kinshasa.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
World Bank approves $100 million loan for Philippines' pandemic fight
Read more »
62 staff, 13 psychiatric patients of NCMH infected with coronavirusAccording to the Department of Health, 4 employees and one patient have recovered from the virus. COVID19PH
Read more »
Virgin Australia falls to virus crisis, appoints administrator to find investor
Read more »
Indonesia's Aceh holds public floggings despite virus fears
Read more »
Virus turns off the beer taps as Munich cancels Oktoberfest
Read more »
Virus threat far from over, but DOH notes ‘improvement’MANILA, Philippines — While it now takes longer for the number of coronavirus cases in the country to double, the Department of Health (DOH) on Tuesday advised the public against complacency, saying
Read more »