´╗┐Payam Aftab News Network 30 Apr 2020 - 10:04 http://www.payam-aftab.com/en/news/92588/coronavurs-imf-approves-220-million-loan-for-afghanistan-to-tackle-economic-impact -------------------------------------------------- Title : Coronavurs: IMF approves $220 million loan for Afghanistan to tackle economic impact -------------------------------------------------- The funds from the Washington-based crisis lender will "help meet the urgent" financing needs as the authorities boost critical health spending and roll out social assistance to households hit hard by the crisis. Text : The IMF board on Wednesday approved $220 million in emergency aid for Afghanistan to help the country deal with the economic impact of the coronavirus pandemic. "The pandemic is inflicting heavy damage on Afghanistan s economy, which is expected to contract sharply in 2020, imperilling the livelihood of a significant segment of the population," the IMF said in a statement. The funds from the Washington-based crisis lender will "help meet the urgent" financing needs as the authorities boost critical health spending and roll out social assistance to households hit hard by the crisis. War-ravaged Afghanistan will see its economy contract this year "leading to a rise in unemployment and poverty. The loan comes from the IMF s Rapid Credit Facility, which has been ramped up and doubled in size to get aid quickly to the world s poorest nations, which are most vulnerable to the economic effects of shutdowns to contain the outbreak. A country can receive up to two loans from the facility in a 12-month period, pay zero interest and take 10 years to repay, with the first payment not due for five-and-a-half years. IMF Managing Director Kristina Georgieva said the fund has received over 100 requests for aid from its members, and developing countries will need about $2.5 trillion to deal with the impacts of the pandemic.