The International Monetary Fund (IMF) supported Sub-Saharan African countries with approximately $70 billion in financing during the COVID-19 pandemic, the Director of the IMF’s African Department, Abebe Aemro Selassie, has revealed.

Speaking in an interview with Bernard Avle on Channel One TV’s The Point of View on Wednesday, January 21, Mr. Abebe Selassie noted that since March 2020, when COVID-19 was declared a global pandemic, the IMF has provided financing several times greater than its previous levels.

“I would argue that we have stepped forward for Africa, like never before in our history. Since 2020, March 2020, when the pandemic was declared, we have provided, to the tune of about 70 billion dollars, in financing for sub-Saharan Africa. That is, you know, multiple times what we used to provide before. And this was needed. Why? Because, you know, our countries were facing some of the most difficult periods ever,” he disclosed.

He highlighted the Fund’s role in cushioning African economies against the economic shocks caused by the pandemic.

“In terms of the role of the IMF, we have this regular engagement with countries and do tremendous work… But it’s when crises like this affect the region, affect our countries, that we come to the fore,” he said.

He noted that the assistance was essential given the difficulties many African countries experienced during the COVID-19 pandemic.

“That was needed because our countries were facing some of the most difficult periods ever,” he said. “We’ve tried to cushion the blow, even as other financial markets and donor flows were declining. We stepped forward, providing this financing to cushion the effect of these global shocks. I think we’ve done well.”

Mr. Abebe Selassie also highlighted the IMF’s ongoing work in strengthening institutions that manage macroeconomic policy, including revenue authorities and central banks, to help African countries better withstand future economic challenges.