The Executive Board of the International Monetary Fund has approved the immediate debt service relief to 25 IMF 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 Coronavirus pandemic.
That is the latest announcement by Kristalina Georgieva, the Managing Director of the IMF.
Georgieva says this initiative provides grants to the poorest and most vulnerable members to cover their IMF debt obligations for an initial phase over the next six months.
The CCRT can currently provide about $500 million in grant-based debt service relief, including the recent $185 million pledge by the U.K. and $100 million provided by Japan.
Beneficiaries of the debt service relief include Afghanistan, Benin, Burkina Faso, Central African Republic, Chad, Comoros, D.R. Congo, The Gambia, Guinea, Guinea-Bissau, Haiti, Liberia, Madagascar, Malawi, Mali, Mozambique, Nepal, Niger, Rwanda, São Tomé and Príncipe, Sierra Leone, Solomon Islands, Ta-ji-ki-stan, Togo, and Yemen.