HomeGeneral

Mozambique Gets $118 Million Credit For Cyclone Idai Rebuilding From IMF

5 years agoSat, 20 Apr 2019 00:10:29 GMT
Share on FacebookShare on TwitterShare on LinkedIn
Mozambique Gets $118 Million Credit For Cyclone Idai Rebuilding From IMF

The International Monetary Fund has announced that it’ll be giving Mozambique $118.2 million credit for reconstruction following the destruction from Cyclone Idai. The money is a zero-interest, 10-year loan.

More than 600 are estimated to have died in Mozambique and more than 1,000 in the 3 countries affected. The World Bank has said that  Mozambique, Zimbabwe and Malawi will need about $2 billion to rebuild.

Said Tao Zhang, deputy managing director of IMF:

Emergency assistance and reconstruction costs are estimated to be enormous, making this storm the worst and costliest natural disaster to ever strike the country.

The IMF lends between $60 million to $120 million in emergency situations under the Rapid Credit Facility (RCF). There was no mention of any credit going to Zimbabwe and Malawi.

Buy Samsung, itel, Redmi smartphones in Zimbabwe

WhatsApp: +263715068543

Related:

More: Channel News Asia

Tags

0 Comments

Leave a Comment


Generate a Whatsapp Message

Buy Phones on Credit.

More Deals
Feedback