EAC states must avoid falling into Covid-19 debt trap
Uganda currency notes. Uganda a fortnight ago secured approval for a $491 emergency facility from the IMF. In that, it joined Rwanda and Kenya that, to varying degrees, had earlier been tipped for similar financial interventions. PHOTO FILE | NMG
An unexpected outcome of the Covid-19 pandemic for many poor countries, East Africa included, is the extent to which it has raised the International Montery Fund and World Bank’s appetite for lending.
As the devastating social and economic impacts of the pandemic manifested themselves in the United States, the UK, France, Italy and Spain, the IMF and World Bank duly announced emergency credit lines for roughly two dozen African countries.
