Gabon Secures $147 million from IMF to Tackle Coronavirus

(Bloomberg) --

The International Monetary Fund approved a $147 million payment to Gabon under its Rapid Financing Instrument to address the impact of the Covid-19 pandemic.

“The Covid-19 pandemic and collapse in oil prices have weakened the macroeconomic outlook, with the possibility that the pandemic could turn more severe and persistent than anticipated with lasting impact on commodity prices, growth, and fiscal and external positions,” IMF Deputy Managing Director Mitsuhiro Furusawa said in a statement on the Washington-based lender’s website.

OPEC’s second-smallest member earlier this month announced a 250 billion CFA franc ($417 million) economic package to manage the impact of the coronavirus. President Ali Bongo said 225 billion CFA francs will be used to support companies severely affected by the virus, while 6 billion CFA francs will be allocated monthly for electricity and water bills.

©2020 Bloomberg L.P.

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