Washington, DC – The International Monetary Fund (IMF) Executive Board on Monday approved immediate debt service relief to 25 of the IMF’s member countries under the Fund’s revamped Catastrophe Containment and Relief Trust (CCRT) as part of the its response to help address the impact of the COVID-19 pandemic. Afghanistan and Nepal from Asia are among the recipients.
In a statement, Ms. Kristalina Georgieva, Managing Director of the IMF said this provides grants to the Fund’s poorest and most vulnerable members to cover their IMF debt obligations for an initial phase over the next six months and will help them channel more of their scarce financial resources towards vital emergency medical and other relief efforts.
She said the CCRT can currently provide about US$500 million in grant-based debt service relief, including the recent $185 million pledge by the UK and $100 million provided by Japan as immediately available resources. Others, including China and the Netherlands, are also stepping forward with important contributions. “I urge other donors to help us replenish the Trust’s resources and boost further our ability to provide additional debt service relief for a full two years to our poorest member countries,” she added.
The countries that will receive debt service relief are: Afghanistan, Benin, Burkina Faso, Central African Republic, Chad, Comoros, Congo, D.R., The Gambia, Guinea, Guinea-Bissau, Haiti, Liberia, Madagascar, Malawi, Mali, Mozambique, Nepal, Niger, Rwanda, São Tomé and Príncipe, Sierra Leone, Solomon Islands, Tajikistan, Togo and Yemen.
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