Washington DC [USA], May 16: Jamaica's request for an emergency fund to deal with urgent needs raised by the COVID-19 pandemic has been approved with a USD 520 million loan by the International Monetary Fund.
"The Executive Board of the IMF approved a disbursement in the amount of SDR 382.9 million (about USD 520 million, 100 per cent of quota) for Jamaica under the Rapid Financing Instrument (RFI). These resources will help meet the urgent balance of payment needs stemming from the COVID-19 pandemic while catalyzing additional support from development partners," the IMF said in a release on Friday.
The novel coronavirus 'shock' hit Jamaica only a few months after the successful completion of an economic reform program funded by the IMF. However, the impact of COVID-19 pandemic has forced the Jamaican government to declare the country a disaster area.
The IMF is working through requests for novel coronavirus pandemic relief from more than 100 nations and says it has up to USD 1 trillion available for this purpose.
Jamaica has so far recorded 509 number of the confirmed case in with 9 fatalities. Meanwhile, the total number of people infected globally stands at 4,500,476 with at least 304,835 deaths reported, according to the Johns Hopkins University. (ANI)