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IMF debt relief for 19 African countries [Business Africa]

Business Africa

<p><strong>Six months of debt relief has been granted to 25 countries considered the poorest in the world by the International Monetary Fund.</strong> </p> <p>The institution will then redirect these funds towards the fight against the coronavirus pandemic. </p> <p>19 of the 25 are African countries chosen based on an extreme poverty and vulnerability ranking.</p> <h2 style="font-size:16px;"> Oil prices, virus, instability put Algeria on edge</h2> <p>The Organization of Petroleum Exporting Countries (<span class="caps">OPEC</span>) has agreed to reduce production by 9.7 million barrels per day over the next two months. </p> <p>This will strengthen oil prices after a historic fall caused by a drop in demand due to the coronavirus crisis. </p> <p>A measure that will affect countries like Algeria, “on the brink of financial collapse”, and heavily reliant on the hydrocarbon market</p>