To strengthen their dwindling foreign exchange reserves and provide budgetary support, the International Monetary Fund (IMF) has examined the economic, financial, social, and governance policies of about eight African countries over the last month (October).
Seven of the eight countries that were subject to approval by the IMF Executive Board have committed to financing exceeding $1 billion as a result of the evaluations’ completion.
Africa has long been a region grappling with a complex array of challenges, ranging from economic disparities to healthcare inadequacies, infrastructure deficiencies, and political uncertainties.
The financial assistance offered by the IMF holds the promise of bolstering struggling economies, mitigating the impact of global economic shifts, and providing a platform for sustainable development.
Typically, the IMF’s support for Africa is intended to broaden commitment to fostering an environment where African nations can harness their potential, empowering themselves to build resilient, self-sufficient economies and thriving societies.
With that said here is the list of African countries set to receive funding from the IMF, as seen in a report by the East African.
Rank Country Fund…
1. Senegal $276 million
2. Rwanda $262 million
3. Democratic Republic of Congo $200.39 million
4. Tanzania $150 million
5. Somali $100 million
6. Gambia $10.9 million
7. Comoros $4.7 million