The International Monetary Fund has agreed to a funding program with six East African countries. So far, the global lender has approved the payment of $620.65 million in budgetary support for them including Rwanda, Tanzania, and the Democratic Republic of Congo (DRC). This is a small part of the commitment that totals $1.92 billion.

The countries selected by the IMF currently have some degree of debt issues, and they are Rwanda, Tanzania, DRC, Somalia, Burundi, and Kenya. According to a report by The East African, an East African news publication, these countries are also riddled with falling revenue collections, declining forex reserves, and depreciating currencies.

“The IMF funding, which is pegged on the implementation of key socioeconomic and governance reforms by the recipient countries, is aimed at helping them deal with the persistent budget deficits and shore up the flagging foreign exchange reserve positions,” the East African report reads.

Source: Markets Insider