Home World News The International Monetary Fund gives Mozambique $118.2 million

The International Monetary Fund gives Mozambique $118.2 million

The International Monetary Fund (IMF) has granted Mozambique a $118.2 million credit facility to help it rebuild infrastructure.

This is after devastating Cyclone Idai killed hundreds of people and flattened whole villages.

Reports say more than a thousand 1,000 people were killed in Mozambique, Zimbabwe and Malawi when the cyclone hit in March.

The IMF said the financial assistance was aimed at addressing large, budgetary and external financing gaps.

It said this arose from reconstruction needs after the cyclone which caused significant loss of life and infrastructure damage.

The World Bank estimated the country will need over $2 billion to recover. The city of Beira was particularly affected.

Meanwhile, Zimbabwe is in dire need of assistance with food after the cyclone.

Source – EWN

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