Abstract

Since independence the government of many African countries have depended on the International Monetary Fund IMF and the World Bank as their main sources of finance for major developmental and investment projects in their respective countries Accordingly besides the granting of loans to Low Income Countries LICs at zero interest rate the IMF also assists member countries to resolve their balance of payment challenges as well as granting interest-bearing loans to both member and non-member countries Similarly the African Monetary Fund AMF which is a prototype of the IMF was created by the African Union AU and is not yet operational Just like the IMF the AMF is intended to fund major developmental projects in Africa This article examines the IMF loans conditionality and the award of Special Drawing Rights SDR to African Countries as seen during the COVID-19 crisis