Africa Economy Finance

Tunisia secures 745-million-dollar IMF loan to combat coronavirus

The International Monetary Fund (IMF) has backed Nigeria’s closure of its borders with some neighbouring countries over issues bordering on illegal trade.

The International Monetary Fund (IMF) on Friday announced the approval of a 745-million-dollar loan to help Tunisia cope with the economic fallout of the coronavirus pandemic.

“The Covid-19 pandemic has hit Tunisia hard.

“The pandemic will worsen Tunisia’s already elevated macroeconomic imbalances and will also create urgent fiscal and balance of payment needs,” Mitsuhiro Furusawa, the IMF deputy managing director said in a statement.

According to the IMF, the North African country’s economy is expected to contract by 4.3 per cent in 2020, in what is speculated t be the worst recession since the country’s independence in 1956.

This is the first IMF emergency financing to the Middle East and North Africa region.

Read Also:  South African fraudster Kessie Nair arrested for rant against Cyril Ramaphosa

The monies are meant to help Tunisia “contain the spread of the virus and mitigate its human, social, and economic toll amid unprecedented uncertainty.”

The IMF said the loan will be used to increase health spending, strengthen social safety nets, and support Tunisian businesses.

Get more stories like this on Facebook, Twitter and Telegram