Madagascar obtains $ 75 million from the World Bank to fight against covid-19
The World Bank's board of directors last week approved $ 75 million in funding for Madagascar. The funds will be used, among other things, to make up the state budget deficit while strengthening the fight against the coronavirus. The World Bank approved on Thursday, September 3, financial assistance of $ 75 million for Madagascar. It aims to help the country fight the covid-19 pandemic.
Concretely, the financing will make it possible to close the budget deficit of the State, exacerbated by the increase in health expenditure and the fall in revenue due to the coronavirus. It will also support the implementation of reforms aimed at enhancing the efficiency and transparency of the authorities' response to the crisis, as well as economic recovery. “The economic and fiscal impact of the covid-19 crisis in Madagascar will be very significant in 2020 and could reverse the progress made in the past in poverty reduction and exacerbate fragility.
This funding will support the government's efforts to save lives, protect the livelihoods of the most vulnerable populations and preserve jobs, while implementing policy reforms and strengthening institutions to lay the foundations for a stronger social and economic recovery, ”said Marie-Chantal Uwanyiligira, World Bank representative in Madagascar.
As a reminder, the country benefited from a previous disbursement of $ 171.9 million last July, from the International Monetary Fund (IMF). The contraction of its economy is expected to 1%, according to the institution.
Cassien Tribunal Aungane, Editor
Concretely, the financing will make it possible to close the budget deficit of the State, exacerbated by the increase in health expenditure and the fall in revenue due to the coronavirus. It will also support the implementation of reforms aimed at enhancing the efficiency and transparency of the authorities' response to the crisis, as well as economic recovery. “The economic and fiscal impact of the covid-19 crisis in Madagascar will be very significant in 2020 and could reverse the progress made in the past in poverty reduction and exacerbate fragility.
This funding will support the government's efforts to save lives, protect the livelihoods of the most vulnerable populations and preserve jobs, while implementing policy reforms and strengthening institutions to lay the foundations for a stronger social and economic recovery, ”said Marie-Chantal Uwanyiligira, World Bank representative in Madagascar.
As a reminder, the country benefited from a previous disbursement of $ 171.9 million last July, from the International Monetary Fund (IMF). The contraction of its economy is expected to 1%, according to the institution.
Cassien Tribunal Aungane, Editor
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