The International Monetary Fund could approve a loan program for Mozambique as soon as next week to help the African nation recover from a devastating cyclone, an official with the international lender said on Friday.
“We have moved very rapidly to support Mozambique,” said Abebe Aemro Selassie, director of the IMF’s African department.
Speaking during the spring meetings of the IMF and World Bank in Washington, he said the IMF’s board could decide on a so-called rapid credit facility in the order of $120 million as soon as next week.
Cyclone Idai tore through central Mozambique on March 14, and earlier this month the World Bank said the direct economic losses could be as high as $773 million. That estimate covered damage to buildings, infrastructure and agriculture.
IMF Managing Director Christine Lagarde on Thursday promised a prompt payment to Mozambique as soon as the global lender’s board approves the credit facility.