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IMF approves $120.9 mln disbursement for Kyrgyzstan to fight coronavirus

Reuters | Washington DC | Updated: 27-03-2020 06:00 IST | Created: 27-03-2020 06:00 IST
IMF approves $120.9 mln disbursement for Kyrgyzstan to fight coronavirus

The International Monetary Fund said on Thursday its board has approved a $120.9 mln disbursement for Kyrgyzstan to help the Central Asian country fight coronavirus, the first emergency loan approved by the Fund since the outbreak started. The IMF said the disbursement consists of an $80.6 million loan under the Rapid Financing Instrument program and a $40.3 million loan under the Rapid Credit Facility to meet Kyrgyzstan's urgent balance of payment needs stemming from the crisis.

It added that the pandemic "has weakened the outlook for the Kyrgyz Republic and opened a balance of payments gap estimated at about$400 million." IMF Managing Director Kristalina Georgieva said earlier this week that more than 80 countries have sought IMF rapid financing assistance to help them deal with the coronavirus outbreak.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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