F.P. Report
ISLAMABAD: The Executive Board of International Monetary Fund (IMF’s) has approved immediate debt service relief to 25 of its member countries under the revamped Catastrophe Containment and Relief Trust (CCRT) as part of the Fund’s response to help address the impact of the COVID-19 pandemic.
“This provides grants to our 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,” said Ms. Kristalina Georgieva, Managing Director IMF in a statement received here.
The CCRT could currently provide about US$500 million in grant-based debt service relief, including the recent US$185 million pledge by the UK and US$100 million, provided by Japan as immediately available resources, she said.
Others, including China and the Netherlands, were also stepping forward with important contributions, Georgieva said and urged other donors to help the Fund replenish the Trust’s resources and boost further its ability to provide additional debt service relief for a full two years to our poorest member countries.
The countries that would receive debt service relief include 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.
