Rwanda will receive a further $111.06m from the International Monetary Fund as part of the Rapid Credit Facility (RCF) to support recovery amidst the Covid-19 pandemic.
The IMF Board on Thursday, June 11 approved the disbursement of the funds bringing the total to IMF COVID-19 support to Rwanda to $220.46 million.
In its decision to disburse the funds the Executive Board of the IMF noted that Rwanda's economic outlook had been affected by the pandemic since the previous disbursement on April 2nd this year.
The additional disbursement under the RCF will provide much-needed support for critical COVID-related spending under the government's Economic Recovery Plan, but further support will be needed from the international community," the IMF said.
Tao Zhang, the Deputy Managing Director and Acting Chair of the board said that due to the pandemic, there had been more revenue losses and increased spending needs than was estimated at the time of the first disbursement of funds.