Mozambique Gets $118 Million Credit For Cyclone Idai Rebuilding From IMF
The International Monetary Fund has announced that it’ll be giving Mozambique $118.2 million credit for reconstruction following the destruction from Cyclone Idai. The money is a zero-interest, 10-year loan.
More than 600 are estimated to have died in Mozambique and more than 1,000 in the 3 countries affected. The World Bank has said that Mozambique, Zimbabwe and Malawi will need about $2 billion to rebuild.
Said Tao Zhang, deputy managing director of IMF:
Emergency assistance and reconstruction costs are estimated to be enormous, making this storm the worst and costliest natural disaster to ever strike the country.
The IMF lends between $60 million to $120 million in emergency situations under the Rapid Credit Facility (RCF). There was no mention of any credit going to Zimbabwe and Malawi.
Pindula is best experienced in the Android App
Download here ⬇️:
play.google.com/store/apps/details?id=co.zw.pindula.news
Related:
-
Govt Ridiculed For Linking An Earthquake To Cyclone Idai
-
Did Mnangagwa Say Cyclone Idai Is Blessing In Disguise?
-
Disapora Initiated Cyclone Idai Relief Campaign Raises US $100,000
More: Channel News Asia
