More Than 100 Countries Are Seeking For An IMF Bailout Due To External Shocks- David Boakye

The Bono East Regional Secretary for the ruling New Patriotic Party (NPP), David Boakye has disclosed that Russia and Britain are considering an IMF bailout due to how dire the global crisis had affected economies.

“You will be surprised by the list of countries that seeks support from the IMF. According to a report I have read, even Russia and Britain are considering an IMF bailout- going to the IMF for a bailout is not a bad thing at all, however, what becomes bad is the basis on which you need the bailout.  If the Egypt hadn’t received support from the IMF, its economy would have crashed by now”, he told Kwaku Dawuro on Movement in the morning show on Wontumi Radio/Movement TV.

He said that there are countries that go to the IMF for a bailout following their own mismanagement of the economy whiles there are others who are left with no other option than to seek for a bailout which is no fault of theirs, but due to factors behind them.

“There are allocated funds by the IMF to support countries when the need arises and that was how come it approved $290Billion to support its members during the peak of the Covid-19 pandemic- even after that there was another approval of $650billion with the anticipation that many countries will be coming for support due to how the situation keeps becoming worse. As we speak, out of the One Hundred and Ninety (190) members of IMF, about 100 of them are seeking for an IMF bailout”.

Meanwhile, the International Monetary Fund in April 2020 disclosed that half of the world’s countries have approached the International Monetary Fund for emergency loans to weather the financial crisis sparked by the global pandemic.

Kristalina Georgieva, IMF’s managing director, told a meeting of G20 finance ministers and central bank governors.