IMF approves $18 bn emergency financing for 50 countries during Covid-19

In order to ensure full transparency and prevent any misuse of funds, the IMF asked member countries who apply for financing to commit that it is only used for urgent purposes related to Covid-19.

The International Monetary Fund (IMF) has already authorised financial assistance for 50 member countries during the coronavirus pandemic, said IMF Spokesperson Gerry Rice on Thursday (local time) during a virtual press briefing.

"The IMF's Executive Board has approved financing under the emergency facilities at record speed for 50 countries, totalling about 18 billion dollars at this point. It is an IMF moving at an unprecedented speed in an unprecedented way to meet this unprecedented challenge," he said.

Rice said the emergency assistance for Covid-19 is not comparable with normal IMF programmes since the funds are not tied to certain conditions.

"Importantly, these facilities