The International Monetary Fund (IMF) The human toll and global economic disruption from the COVID-19 pandemic triggered unprecedented demand for financing.
According to the IMF, since March 2020, 70 members, including many low-income countries, have received financial support under the two instruments created to address urgent financing needs that may arise from natural disasters (including pandemics, earthquakes, hurricanes): the Rapid Credit Facility and the Rapid Financing Instrument. That support totalled over $29 billion.
In April, the IMF also approved a broad package of reforms that built on previous changes to strengthen the reach and flexibility of financial assistance under these facilities. More countries also benefited from IMF support through other channels, including augmentations under existing programs, to the tune of over $70 billion. Even compared to previous crises such as the Ebola epidemic, the needs triggered by this current pandemic are unprecedented.
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