IMF approves $118.2 million rapid credit for Mozambique

  • News Digest

Apr 22, 2019-

WASHINGTON: The International Monetary Fund board on Friday approved $118.2 million credit that will be rushed out for cyclone-devastated Mozambique to help with the recovery efforts. The zero-interest, 10-year loan will help shore up the country’s budget amid the reconstruction efforts after the massive damage caused last month by Cyclone Idai, the IMF said in a statement. The storm cut a path of destruction through Malawi, Mozambique and Zimbabwe on the night of March 14-15, causing damage worth $2 billion, according to the World Bank. In Mozambique alone, more than 600 people died among the 1.85 million affected while over 340 died in Zimbabwe. “Emergency assistance and reconstruction costs are estimated to be enormous, making this storm the worst and costliest natural disaster to ever strike the country,” said

Tao Zhang, deputy managing director of the Washington-based lender. (AFP)

Published: 22-04-2019 10:14

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