March 27, 2020 / 12:31 AM / 9 days ago

IMF approves $120.9 mln disbursement for Kyrgyzstan to fight coronavirus

WASHINGTON, March 26 (Reuters) - The International Monetary Fund said on Thursday its board has approved a $120.9 mln disbursement for Kyrgyzstan to help the Central Asian country fight coronavirus, the first emergency loan approved by the Fund since the outbreak started.

The IMF said the disbursement consists of an $80.6 million loan under the Rapid Financing Instrument program and a $40.3 million loan under the Rapid Credit Facility to meet Kyrgyzstan’s urgent balance of payment needs stemming from the crisis.

It added that the pandemic “has weakened the outlook for the Kyrgyz Republic and opened a balance of payments gap estimated at about$400 million.”

IMF Managing Director Kristalina Georgieva said earlier this week that more than 80 countries have sought IMF rapid financing assistance to help them deal with the coronavirus outbreak. (Reporting by David Lawder; Editing by Sandra Maler)

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