International Monetary Fund’s (IMF) Executive Board has approved immediate debt service relief under Catastrophe Containment and Relief Trust for 25 member countries as part of its response to help address the impact of the COVID-19 pandemic
Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF) has announced that the Executive Board approved immediate debt service relief to 25 of the IMF’s member countries under the IMF’s 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. 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 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.
The countries that will receive debt service relief today are:
- Burkina Faso
- Central African Republic
- Congo, D.R.
- The Gambia
- São Tomé and Príncipe
- Sierra Leone
- Solomon Islands