The IMF gives 105 million dollars to Haiti for the food crisis

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More than half of its population lives below the poverty line Haiti, with the country facing a health crisis (new cholera epidemic) and serious security problems, such as gang activity. In this context, the International Monetary Fund (IMF) approved yesterday, Monday 23/1, the granting of an emergency loan of 105 million dollars.

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These funds are expected to allow the impoverished Caribbean nation to “support those most affected by rising food prices, with food distributions and subsidies to the most vulnerable households“, explained Antoinette Sageh, deputy director general of the international financial institution, according to a press release made public in Washington. Haiti “has been hit hard by the economic impact of Russia’s invasion of Ukraine,” especially by “record inflation,” Sajeh said.

The financing will be made available through the Rapid Credit Facility (RCF), which allows borrowing at zero interest in low-income countries when they face emergencies. The $105 million is roughly equal to 0.5% of Haiti’s GDP, the Athenian-Macedonian News Agency reported, citing Reuters and AFP.

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Funding from IMF it will be allocated from the special fund to deal with “food crises” which was created at the end of September and is expected to have a lifetime of one year. This financial instrument is intended to offer rapid access to funds urgently needed by countries facing food insecurity, especially in cases of unexpected shocks, problems in cereal imports or sharp price rises.

Source: News Beast

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