IMF grants Tonga $10 million emergency loan
The IMF approved a $9.95 million loan to the Pacific island kingdom of Tonga on January 25, as the country struggles with debt problems and the effects of Covid-19.
The loan falls under the Rapid Credit Facility, which provides urgent assistance for countries with short-term balance-of-payments problems.
The fund cited the Covid-19 epidemic and the effects of cyclones in 2018 and 2020 in its rationale for granting the loan.
The fund’s Article IV report, published on February 1, confirms the
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