IMF Executive Board Decides to Allocate $594 Million to Help Guatemala Fight COVID-19

Sputnik International

WASHINGTON (Sputnik) – The Executive Board of the International Monetary Fund (IMF) said it had satisfied Guatemala’s request for a $594 million financial support amid the COVID-19 pandemic.

“The Executive Board of the International Monetary Fund (IMF) approved Guatemala’s request for emergency financial assistance under the Rapid Financing Instrument (RFI) equivalent to SDR 428.6 million (100 percent of quota, or about US$ 594 million at today’s exchange rate). The RFI will help the country meet the urgent balance of payments needs stemming from the COVID-19 pandemic and catalyze additional funding from other development partners”, the IMF said in a statement on late Wednesday.

According to the organization, financial support will provide Guatemala with resources to overcome the economic and social impact of the coronavirus outbreak.

“The Guatemalan authorities have reaffirmed their commitment to ensure that emergency financing is used effectively, transparently, and through reinforced governance mechanisms”, IMF Deputy Managing Director Mitsuhiro Furusawa said, as quoted by the statement.

The IMF is working through requests for novel coronavirus pandemic relief from more than 100 nations and says it has up to $1 trillion available for this purpose.

As of 10 June, Guatemala has registered 8,221 novel coronavirus cases and 316 fatalities related to the disease, local Health Ministry reports.

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