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IMF debt relief for 19 African countries [Business Africa]

Business Africa

Six months of debt relief has been granted to 25 countries considered the poorest in the world by the International Monetary Fund.

The institution will then redirect these funds towards the fight against the coronavirus pandemic.

19 of the 25 are African countries chosen based on an extreme poverty and vulnerability ranking.

Oil prices, virus, instability put Algeria on edge

The Organization of Petroleum Exporting Countries (OPEC) has agreed to reduce production by 9.7 million barrels per day over the next two months.

This will strengthen oil prices after a historic fall caused by a drop in demand due to the coronavirus crisis.

A measure that will affect countries like Algeria, “on the brink of financial collapse”, and heavily reliant on the hydrocarbon market