“I came to congratulate the Minister of Finance for the approval by the board of directors of the International Monetary Fund (IMF) of the Rapid Credit Facility program which includes financing of approximately 22 billion FCA ”, these are the words of the IMF Resident Representative at the end of his hearing with the Minister of Finance and Budget Henri-Marie Dondra.
This audience is fixed within the framework of the Rapid Credit Facility (FRC) due to the current difficult economic situation due to the covid-19 pandemic. The 22 billion CFA francs disbursed by this international financial institution will help the country meet its urgent balance of payments needs and support the authorities’ efforts to contain the spread of Covid-19 and limit its economic and social impacts.
The Minister of Finance and Budget, Henri-Marie Dondra, under the authority of the President of the Republic and the commitment of the members of the Prime Minister’s government, Firmin Ngrébada, announced Monday the successful passage of the dossier of the Central African Republic to the IMF Board of Directors on April 20, 2020 in connection with the rapid credit facility linked to the current economic crisis.
This is a mechanism which aims at rapid intervention by the IMF, which complements the program currently under way with the CAR.
Traditional IMF missions are expected to resume in August if the Covid-19 situation stabilizes.
The Minister of Finance congratulated and thanked the International Monetary Fund, its representation in CAR and all its collaborators of the ministry who worked tirelessly on this file.
The passage Council should allow a suspension of debt service until the end of the year and release an amount of about 22 billion dollars.
