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IMF to Make $50 Billion Available in Emergency Aid

Bloomberg logoBloomberg 25/3/2020 Samuel Gebre
a reflection of a mirror: The logo of the International Monetary Fund (IMF) is displayed out the headquarters in Washington, D.C. © Photographer: Andrew Harrer/Bloomberg The logo of the International Monetary Fund (IMF) is displayed out the headquarters in Washington, D.C.

(Bloomberg) -- The International Monetary Fund will provide $50 billion in emergency facilities to low-income and emerging-market countries to mitigate the economic shocks of the coronavirus, including $10 billion in concessional loans.

“Our member countries need us more than ever,” the IMF said on its website Wednesday. “Discussions between IMF teams and country officials are advancing quickly.”

The IMF has received requests for emergency financing from almost 20 countries in Africa and expects 10 additional countries on the continent to seek its help, it said.

(Updates with details on countries in Africa. An earlier version of the story was corrected to show that facilities are meant for all low-income and emerging-market countries)

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