IMF allocates USD 17 million debt service relief to Rwanda

The International Monetary Fund (IMF) will provide a debt service relief of USD 16.9 million to Rwanda for six months, the organization said. After the initial relief of USD 11 million, this is the second time when the IMF has allocated the amount to help the country deal with the impact of COVID-19. The debt will help in capital inflow, as such that could be useful for investors in the affected sectors of the economy and aid the recovery.

This debt relief can be extended for up to two years subject to the availability of resources estimated at nearly USD 959 million, through April 13, 2022, according to a report by The New Times. IMF with the relief aims to provide an economic injection to the nation that will aid its health and economic response to COVID-19.

In his interview with The New Times, the IMF Rwanda Resident Representative, Samba Mbaye talked about the organization's aim of raising the debt relief in the future. “The IMF will continue its fundraising efforts and will provide further debt service relief for a period up to 24 months depending on resource availability,” he said.