The Managing Director of the International Monetary Fund, IMF says the fund is fully committed to support IMF member countries, particularly the most Vulnerable.
With the present situation of Coronavirus worldwide, the priority of every nation should be how to ensure health related spendings to protect people’s wellbeing, take care of the sick, slow the spread of the virus and produce medical supplies.
All these require finances.
The spread of the virus calls for global cordinated response, reasons why the International Monetary Fund, IMF is setting aside about $1 Trillion to help needy countries.
Two funds have been designed to that effect.
The IMF’s Rapid Disbursement Emergency Financial Facility for low income and emerging market countries where each nation could benefit up to $50 Billion.
Out of this amount, $10 Billion is available at zero interest rate for the poorest members through what is known as Rapid Credit Facility.
The other available funding is the Catastrophe Containment and Relief Trust, CCRT, which provides eligible countries with up front grants for relief and IMF debt services falling due.
This particular fund according to the International Monetary Fund was very effective during the 2014 Ebola outbreak.
The staff of the IMF are working to identify vulnerable countries that could possibly benefit from both funds.
Such countries should first of all be members of the IMF who are at risk, with weak health systems and inadequate policy space.
Cameroon that joined the IMF in July 1963 most likely falls within the set criteria according to experts.
With 803 positive cases of Covid-19 in the country and as sensitisation is ongoing, the possibilities of recording more cases are high owing to the response attitude of Cameroonians towards the pandemic.
That explains why the Prime Minister recently added some seven measures to reinforce the 13 points measures instructed by the Head of State, Paul Biya.
Speaking recently during a joint IMF/WHO press conference on April 3rd, 2020, the Managing Director of the International Monetary Fund, Kristalina Georgieva announced that they have the tool to help and were coordinating closely with their partner institutions.
