IMF to Help Drought-Hit Horn of Africa

Washington, Aug 25 (IANS): The International Monetary Fund (IMF) has said it is ready to provide financial aid to countries in northeast of Africa -- the Horn of Africa, to enable them fight the existing drought crisis, Xinhua reported.

Millions of people in parts of Ethiopia, Djibouti, Kenya and Uganda have been affected by the drought.

"The IMF stands ready to provide financial assistance to affected countries, both by increasing support under existing programmes and, where needed, through our Rapid Credit Facility, which provides quick-disbursing funds to countries facing an urgent balance of payments need," said IMF Managing Director Christine Lagarde in a statement.

She said the 187-member international lender is committed to "help as much as possible in the international assistance effort" and "encourage others to join this effort".

"We are working closely in our areas of expertise with affected countries in the region, including in assessing the economic consequences and financing needs," Lagarde said.

The statement came a day ahead of an African Union meeting in Addis Ababa to raise relief funds for victims of East Africa's worst drought in decades.


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Title: IMF to Help Drought-Hit Horn of Africa

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