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.


More: Channel News Asia

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